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Mortgage Brokers vs. Banks: Who Gets Your Business?

6:11 pm ET

November 4, 2014 November 4, 2014

When you’re looking for a mortgage, you can use a mortgage broker or deal directly with the bank.

Each choice has pros and cons, and depending on your personality, you ll have to decide which is right for you.

Going it Alone

If you go it alone, you deal with the bank directly. If you re a regular customer and have a great relationship with your bank, you might receive better terms and interest rates .

If you don t have a good working relationship with a particular bank, you should shop around. Even if you do have a bank you ve worked with, you should consider shopping around anyway—don’t trust your bank is automatically giving you the best deal.

Keep in mind that when you re on your own, comparing rates and terms can be time consuming and complicated. You may not know how to compare mortgage products correctly or be savvy enough to slice through all the financial jargon.



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