Thursday, April 23, 2009

When to Use a Mortgage Broker

Many banks are not dealing with mortgage brokers now given the bad history they have had recently. As this NY Times article states: "if you’re hoping to refinance or looking to snap up a bargain home in the next year or so, you’re faced with a tricky question. Given the number of institutions that want nothing to do with mortgage brokers, shouldn’t you stay far away from them as well?"

The answer is, it depends. The article goes on to say that "[t]he alternative, alas, may not be so great either. “If you want to get ripped off, go to a broker, and if you want incompetency, go to a bank,” said Mike Stoffer, a mortgage broker himself."

The article does a good job of laying it all out.

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