Is it better to go to a big bank or a broker?Posted On: September 2011
ASK AN ILLINOIS LOAN OFFICER, WITH JOHN FOLAN
Editor: Tiffany Brewington
Is it better to go to a big bank or a broker for your loan?
A typical bank will have limited funding sources, whereas a broker usually has almost every funding source available. Brokers can typically do one application, and originate your loan with the right investor for you. A broker should also be able to get you a better rate from the same investor/bank than you would be able to get yourself, because brokers buy the loans wholesale, whereas you would be getting a loan through the retail division of the bank.
John Folan is an Illinois Licensed Loan Officer. Have a mortgage question? Please write to firstname.lastname@example.org or call him at 630.932.8700
Posted On: September 2011
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