There’s no easy answer to this question since it depends on a number of factors, including the specific mortgage broker you’re working with and the current market conditions.
First, it’s important to remember that there are banks and credit unions that have mortgage bankers and then there are independent mortgage brokers. In general, banks and credit unions can only sell the products that they, as an institution, have available, and this may be a good loan and rate for your particular situation. However, mortgage brokers can have access to a variety of lenders and can shop around for the best rate possible.
One should also remember that while the rate is very important, responsiveness and customer service are crucial for you to close on your property successfully. If the banker or broker is responsive and informative, that is a good sign that your loan documents will be delivered to the closing on time. Having a responsive professional who can answer your questions in a timely manner is worth a lot in this business. Ultimately, to find the best rate it is important to research and compare rates from multiple mortgage brokers before making a final decision, as some may be more inclined to offer a better rate in order to close on a deal, while others may seek the best rate for themselves. Thus, it is essential to shop around for the best rate.
Pro tip: Once you get pre-approved from one lender, you will have all your information in one place to shop and compare other banks or brokers.
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