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Broker vs. Lender: cost-only comparison

Started by Daniel178
over 13 years ago
Posts: 106
Member since: Apr 2012
Discussion about
Hello all, 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.
Response by Ottawanyc
over 13 years ago
Posts: 842
Member since: Aug 2011

Going through this and broker has a fee of $1700. Otherwise seems to be same-same.

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Response by streetsmart
over 13 years ago
Posts: 883
Member since: Apr 2009

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.

Ellen Silverman
Licensed Mortgage Broker
Licensed Real Estate Broker
www.esfunding.instantlender.com

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Response by E24
over 13 years ago
Posts: 46
Member since: Oct 2011

Most mortgage brokers are paid by the bank, not by the customer, so there should be no out of pocket costs for you.

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Response by hofo
over 13 years ago
Posts: 453
Member since: Sep 2008

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?

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Response by kylewest
over 13 years ago
Posts: 4455
Member since: Aug 2007

TRhere is no substantive difference.

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Response by JohnMiller
over 13 years ago
Posts: 33
Member since: Mar 2012

I prefer using a broker unless you know your banker very well.

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