Mortgage broker or bank: how to choose a lender in Florida
A broker shops several wholesale lenders for you. A bank offers its own products. Here is how they differ.
Two different models
A bank or direct lender makes loans with its own programs and its own underwriting. A mortgage broker is licensed to work with a number of wholesale lenders and matches your situation with a program that may fit.
What a broker can offer
Programs, requirements and costs vary by lender, so a broker will explain the tradeoffs of the options that fit you.
- Access to several lenders and program types through one point of contact.
- More flexibility for situations that do not fit a standard box, such as self-employed income or an investment property.
- A single licensed originator who guides your file.
What to ask any lender
Any licensed originator should answer these plainly.
- Who will be my point of contact, and how quickly do you respond?
- Which loan programs fit my situation, and what are the tradeoffs?
- Can you provide a Loan Estimate so I can compare in writing?
- How do you get paid, and does that change what I am offered?
You choose
You are always free to choose the lender that is right for you, no matter who recommends one. Compare written Loan Estimates, and pick the one that fits your goals and your timeline.
Questions about your situation?
Tell us about your loan and a licensed originator will follow up. There is no obligation to ask.