Mortgage Brokers - First Time Home Buyer

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Mortgage brokers may have access to better rates and operate at lower margins than the big banks or direct lenders. For example, Wells Fargo might charge you 3.5% plus points in branch, but their wholesale rate for the exact same product might be 2.75% without points (or with negative points), and this is what a broker would sell you.

IMO/IME there’s no advantage to using a local broker just because they’re local, unless they also happen to give you the best deal. So do as much comparison shopping as you can without hard inquiries, but do keep in mind that many brokers won’t give you an estimate without running a credit check. See the above thread for how to get estimates without credit inquiries.

They may give you something, but there’s no way to know how special the deal is if you have nothing to compare.

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