Are mortgage brokers better than banks?

Are you thinking of applying for a home loan but feeling overwhelmed about where to start? Not sure whether to call your bank, use an online lender, or reach out to a local mortgage broker? Confused about who has the most competitive rate, the lowest fees, and most importantly, someone who will guide you through the process?

We get it — it can be tough to figure out. Pretty soon, your eyes glaze over, and you might even feel like giving up. Or worse, you might be tempted to try a “push button, get approved” solution that seems too good to be true.

The Truth About Your Options: The difference between a Mortgage Broker and a Mortgage Banker

Banks: Banks are, first and foremost, financial institutions specializing in bank accounts and money management. They may have mortgage divisions, but they come with a lot of overhead — like expensive buildings, shiny furnishings, and full-time staff — which often translates into higher rates and fees for you, the buyer.

Also, their staff typically works 9 to 5, Monday through Friday. But guess what? Most real estate deals happen after hours or on weekends. Do you know any banks that answer their phones on Sundays or at 8 PM? And when you work with a bank, you’re limited to the loan programs that specific bank offers. If you don’t fit into their mold, you’re out of luck.

Online Lenders: On the flip side, online lenders offer a fast and easy experience with no calls, minimal documentation, and seemingly low rates. Just a simple "push button, get approved." Sounds perfect, right? But it may not be as great as it seems.

Often, these so-called approvals aren't real approvals. After 30 years in the mortgage business, I can tell you that how lenders calculate your income can differ significantly from how you calculate it. For example, with bonus income, we need to see a two-year history and average it, which might differ from what you expect. And those super-low rates you see? They’re often just teasers — be careful and read the fine print.

Plus, if you have a question, who’s going to answer it? There’s no person behind that push-button approval screen to provide guidance or support. Would you really trust the biggest purchase of your life to a system with no human touch?

Mortgage Broker vs Banker

The biggest complaints homebuyers have during the mortgage approval process are a lack of communication and understanding. That's where local brokers come in.

Local brokers like us specialize in mortgages. We work with hundreds of lenders, which means we can find the best rate, the best program, and the best situation tailored specifically for you. And we take the time to explain everything, walking you through the process step-by-step.

While most brokers offer similar rates, it's important to ask questions if someone offers you a super-low rate. If it sounds too good to be true, it probably is. The lowest rate isn't always the best option.

Think about it: would you let the cheapest back surgeon perform your surgery? Probably not. The same goes for your mortgage — you want the right balance of expertise, service, and value.

Ready to Take the Next Step?

If you want more information or are ready to apply for a free pre-approval and get a plan for your new home loan, give us a call today. We’re here to help you make informed decisions and turn your homeownership dreams into reality. We can help you answer the question are mortgage brokers better than banks?

I'm Stacey, and we’re the Slam Dunk Mortgage Team — making home loans a slam dunk!

Slam Dunk Home Loans

a division of Plum Creek Funding Inc.

NMLS# 2449233, #322537
Licensed In Multiple States,
CA, NV, CO, AZ, TX, AL, GA, FL

Stacey Sandlin NMLS #164588
407-761-3797

Benas Veikalas NMLS#1999901
702-934-5971

Follow Us On Social Media

SLAM DUNK HOME LOANS

a division of Plum Creek Funding Inc.

NMLS# 2449233, #322537
Licensed In Multiple States,
CA, NV, CO, AZ, TX, AL, GA, FL

Stacey Sandlin NMLS #164588
407-761-3797

Benas Veikalas NMLS# 1999901
702-934-5971

Follow Us On Social Media

Are mortgage brokers better than banks?

The Truth About Your Options: The difference between a Mortgage Broker and a Mortgage Banker

Mortgage Broker vs Banker

Ready to Take the Next Step?

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Are mortgage brokers better than banks?

The Truth About Your Options: The difference between a Mortgage Broker and a Mortgage Banker

Mortgage Broker vs Banker

Ready to Take the Next Step?

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