Is there any financial benefit to go directly to a mortgage banker?
Not necessarily. In fact, if you are a reasonably astute shopper, because of the above reasons, it’s highly likely you’ll do better dealing with a mortgage broker. Mortgage brokers are able to add no net cost to the lending process because they perform functions that would otherwise have to be done by the employees of the lender. Furthermore because brokers have, as mentioned, multiple lenders–sometimes thirty or more–they can shop for the best terms on any given day from all their lenders. In addition, they can find the wholesale investors who specialize in various market niches that many other lenders avoid, such as loans to applicants with lower credit ratings, loans to borrowers who do not intend to occupy the property, investors, loans with minimal or no down payment, low-paperwork loans, and so on.
