Bank or broker? Both are strong contenders, but there’s one that’s best for you.

Are you ready to purchase your home? You may think that going to a bank is the easiest place to apply for your home loan. After all, you’re a customer and having all of your transactions under one roof would be very convenient. But, is it the best way to go? For some, going with a broker is the right choice. Learn whether a broker or a bank is the best option for you when you go to apply for your home loan.

Why your bank?

The biggest advantage to using your bank to get your loan is that by being a customer, you have an existing relationship with them. And you can see your transactions if you are trying to stick with a budget.
The downside is that you may be stuck with someone who hasn’t had much experience with home loans and may not know the way to get you the best deal.  The process could also move slowly, and put your closing date at risk.

When should you go with a broker?

Brokers may be able to find better rates and terms than your bank by scanning the entire marketplace. There is usually better communication between you and broker, and the process, in turn, goes much smoother. Brokers are only in the business to close out your loan, and should be with you during every step of the process.
It isn’t all sunshine and rainbows. There may be brokers that lean towards certain lenders, and won’t scan the entire market place which could cost you.

Every person has different needs, and for every person there is a solution. Choose the one that’s right for you! For all of your home buying needs throughout the Solana Beach, California area, contact the professionals at Ranch & Coast Mortgage Group Inc.