Broker or Not?

To use a broker or not. First you need to decide whether you will be keeping the loan for a long period or refinancing in a short period of time? If you will be keeping the loan in your portfolio or expect to live in this house for awhile, it may be worth considering a broker.

There are additional fees up front for not getting a loan directly from the end servicer, but it is also a great way to get the best interest rate. Your broker can shop for the best rate for you. When you go direct to the end servicer they give you their rate and no other options. So over the long term, the lower rate will cost you less money.

As always there are many things to consider and not any one option is right for everyone. Speak with your real estate professional to see what they suggest – there is nothing in it for them. Everyone has an opinion – ask someone with nothing to gain.