Should You Get A Mortgage From A Bank Or A Mortgage Broker?

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[FlintTheDad]

If you are reading this I hope you become debt free and successful and live a long happy life 😊

[Hannahbenowitz]

Very clear and helpful : thanks! I'm woeking extra to keep my ROI flowing into my mortgage payment. it's the last piece of debt i have and i'm a bit overeager to see it gone. Any index fund or stock tips to help that get done?

[winleel]

Why doesn’t he answer the question from a consumer perspective? The securitization of these loans is interesting but doesn’t matter to me. What’s the difference between me going with a bank vs a mortgage broker? This answer feels very “safe” and not really helpful in deciding which to go with.

[abethereal]

Easy! Both! Whoever gives you better terms and closing cost. Have them battle it out for your business.

[sameshajones]

2013 buyer right here. I was 23 at the time but thanks to my mom she's a realtor and stir me in the right direction.

[ronh]

Mortgage broker will likely get you the best deal, and is the way to go. Just today, we closed on our next property, and we're very happy with a fixed 3.45% apr. Our rental has only a small amount left on its mortgage, and then that cash flow goes entirely to our current mortgage.

People, please pay off your debts ASAP and allow all your hard work to invest in yourselves. Find fulfillment in things not requiring excess consumption. Our one "vice" is international travel, but even that is largely paid by credit card travel miles. Our CCs are essentially conduits for racking up points, and paid off every month.

Anyway, life gets so much better once financial stressors are out of the picture. Good luck!!!

[jerseynurse]

I’m avoiding large banks like Bank of America, at all costs. Rather go with a small company, buy below my max amount so I can pay it off faster.
Don’t forget to also check the taxes as well. Some cheap houses have high taxes.

[mriphone]

Do not use a big bank, I did, experience was terrible. They're slower than you could possibly imagine.

[oldtwinsna]

Mortgage broker operates off commission so they will be quick, responsive, and go out of their way during the pre-sale period, including answering and making changes during non-daytime and weekends. They usually give you their direct cell number that they have tethered to them to test it out. This is extremely important in the heated battles of real estate today where closing dates will be enforced. Traditional bank loan officers typically are much harder to interact with since they only operate during business hours, within times of their choosing. Not at all unheard of for a bank loan officer to lapse on actions for a week or more just because they didn't feel like it. They won't care about negative comments either.

[marksanders]

Dave didn’t actually answer the question. Brokers can shop multiple mortgage companies. Shop around with multiple brokers and mortgage companies.

[jamalcole]

Glad I watched this video. I just got into the electricians union. No debt or any car payments & excellent credit score. Hopefully I'll be able to own a home in the future.

[anhrestuarant]

If you change a billion lives, that's the formula to becoming a billionaire. Loaning, adding, giving, sharing, providing value creates wealth - of mind, heart, soul and yes, finances but it starts with the value you give. Love it

[nickfernandez]

For all the folks shopping for a mortgage, Dave was using some heavy jargon.

Bottom line: you should look for a broker that can shop the loan for you and has very minimal closing costs. It’s inconvenient to work with a bank or broker that skyrockets closing costs. Overhead fees are something to be aware of.

Wholesale mortgage brokers have the best rates and closing costs around, While correspondents and retailers have higher closing costs, along with mediocre rates.

[jroberts]

A video entitled "Should You Get A Mortgage From A Bank Or A Mortgage Broker?" that did not answer that question in any way, shape or form. Thanks Dave.

[lionheart]

isn't real estate being overvalued now like 2008? I see people outbidding by like 40k or more.Its insane.

[billwessels]

i work as an underwriter at a bank that originates and buys lots of home loans. great segment!

[johnr]

Why do u need a slow turtle? Why can't u just say! Which option is best, bank or broker.

[avocadotoast]

Dave just explained The Big Short. Great movie.

[Davinia]

A mortgage broker makes a percentage off your loan but they can find the best deal for you and your specific needs

[brianbudd]

I've worked for a decade for both a big bank and a mortgage company over the years. A mortgage company or broker is a better bet- just like Dave advocates for Zander vs. State Farm because they can shop around to get you the best deal, a mortgage company can do the same rather than just taking whatever pricing Chase etc is offering that day. And especially if you're self-employed or have a more complex income or asset situation, it's going to be much more difficult to work with a bank.