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I've read the posts about going through a broker or direct to a lender, and the whole experience of it. But if we are just looking at payment, what is the difference like? Hypothetically assuming everything else being equal (same rate), how much more expensive is it to go through a broker? I'm looking for actual numbers here based on, say, 400K purchase price with 35% down.
Going through this and broker has a fee of $1700. Otherwise seems to be same-same.
I am a mortgage broker and close most of my residential loans with Wells Fargo. Wells Fargo pays me. I give my clients personalized service.
Licensed Mortgage Broker
Licensed Real Estate Broker
Most mortgage brokers are paid by the bank, not by the customer, so there should be no out of pocket costs for you.
The best thing to do is call a couple of banks broker and compare the cost and rate.
Just out of curiosity, do/can brokers rebate part of the fee to client?
TRhere is no substantive difference.
I prefer using a broker unless you know your banker very well.