Mortgage Broker or Go Direct to Banks?

lab9, since youre looking to purchase a coop, Id have to say going directly to the bank will be better. Each bank has a list of approved coops and you may want to inquire about your coop. A mortgage broker will end up going to the bank you might have in mind. In cases that are a bit out of the box mortgage brokers might come handy as they can try to find a home for your loan. But if you think your loan is pretty straightforward why not just deal with the bank directly? But perhaps Im being biased.
Mortgage brokers get paid 2 ways, by the lender by upselling the rate or from the borrower or sometimes both. I would say you shoudnt be charged more than a point max. It really depends on your loan. If that mortgage broker can find you a lender where no bank wants to lend then they may charge you more.
When talking to a lender, make sure the loan officer is familiar with finanicng in coops.
sunny.hong@bankofamerica.com

If you have a relationship with a bank that is long-term, go there first. Get their best deal (everything is negotiable, in theory). Then check with a mortgage broker as well. I don't know why the two approaches should be mutually exclusive, except you are trying to live life and get an apartment at the same time, silly you! ;)

{Manhattan real estate agent.}

i always used a local mtge broker with deep knowledge of the ny coop situation and lenders--i, of course, always called the lender directly to be sure that i was paying no more to use the broker--broker always claimed this and it always turned out to be true--good value if the cost is the same