Are mortgage centers better than banks for the best rates?
On One Hand: Mortgage Centers Can Access Multiple LendersMortgage centers can access many lenders and compare rates and terms for their customers, but they do charge a percentage for their time and fold that cost into the loan. A mortgage center will work with a self-employed buyer or a buyer with less than perfect credit when a bank may not, according to the financial information website Bankrate.com. Finally, a mortgage center may offer extended hours and quick approval.On the Other: Banks Offer Best Rates for Best CreditBuyers with excellent credit who have been at the same place of employment for many years and can easily access all their financial records can usually get a lower interest rate at a bank, especially if they already have money on deposit and a credit history with that institution, according to Bankrate.com. Banks frequently offer special terms to preferred customers, and their fees may be lower than mortgage centers.Bottom LineBanks tend to have to best mortgage rate
