When you get a mortgage from a bank, you get that bank's products at that bank's price. If its guidelines don't fit, or its rate is high that week, your only option is to start over somewhere else.
How a broker works
A licensed mortgage broker takes one application and compares programs from several wholesale lenders. Wholesale lenders don't run branches or retail marketing, so pricing is often lower. The broker manages the loan through closing, and the lender funds it.
Where brokers help most
- Unusual situations: self-employed income, investment properties, recent credit events, or non-warrantable condos.
- Rate shopping: one credit pull, several lenders compared.
- Speed: if one lender's turn times slow down, the file can go elsewhere.
How to compare
Ask for an official Loan Estimate. It uses the same standardized format from every lender and broker, so you can compare rates and fees line by line.
Ready to see your options?
Apply online in about 15 minutes, or call to talk it through first.