Are banks better than mortgage brokers for a home loan?


LoanSafe Member
I am a bit confused on this. Mortgage brokers seem to be worse from where I am standing in terms of home loans. The bank I recently switched to does offer home loans and I am considering working with them to get a loan but I want to make sure it is better to go through a bank vs going through an actual mortgage broker. I have very little knowledge on all the finer details so I do not want to make the wrong decision for myself.


LoanSafe Member
I feel like mortgage brokers are cheaper, once you get a rate and the loan approved. You're likely never having to deal with that company/person again. A bank, imo, are like retail chain stores. they have higher overhead and will need to make it up somehow.


LoanSafe Member
It depends on how much work YOU are willing to do to chase down the best deal.

If you are a first time home buyer and are looking for a normal mortgage (not a condo, not a jumbo, etc), chances are going directly through a credit union or LOCAL bank will get you a better deal. This is because some banks and credit unions have special programs for first time home buyers that I noticed were never offered to me (or people I know) by brokers when I was looking.

If you aren't a first time home buyer and/or don't want to do the legwork yourself, then a broker is probably the way to go.

If you DO choose to do it yourself, make sure you contact SEVERAL (3 at a minimum, preferably more) lending institutions and talk to their loan officers for rate quotes.

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
I've never been beaten on rate or price when given the opportunity and I work for a bank. Feel free to reach out to me, even if you have a loan estimate from a cheap broker I can give you the bank experience (much better than broker) with the same costs. [email protected] - shoot me and e-mail or phone call. 619-379-8999