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 john.folan@anbdc.com or call him at 630.932.8700

Posted On: September 2011

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