I have worked for Mortgage Banks and In House Lenders and Broker is Better! If you’re in the market for a home and have found the perfect place, your next step is securing a mortgage. For many people, this is the stressful part. You have to get your finances in shape, review your credit report, and decide where to apply for a loan. Generally, your choice is between a mortgage broker and a direct lender.
• A broker acts as an intermediary, helping you identify the best lender for your situation and pulling together all the information needed for the mortgage application.
• A direct lender is just that: A bank or other financial institution that will decide whether you qualify for the loan and, if you do, will hand over the check.
A mortgage broker helps you comparison-shop. The broker will get a variety of quotes from various lenders and present them to you all at once