Mortgage Broker vs. Bank in Frisco: Who Gets You the Better Deal?

The short answer

A bank offers its own loans. A mortgage broker compares loans from several lenders. If your situation is simple, a bank can be fine. If you want options, or your income or credit is not textbook, a broker usually gives you more ways to win.

Side by side

• Loan choices: Bank, its own menu. Broker, many lenders.
• Shopping effort: Bank, you do the comparing. Broker, we do it for you.
• Flexibility: Bank, one set of guidelines. Broker, different lenders for different situations.
• Relationship: A bank may know your checking account. A broker knows your goals.

When a bank makes sense

If you already have a strong banking relationship and a straightforward, well-documented income, ask your bank for a quote. Then ask a broker for one too. Two quotes cost you nothing and show you what the market is doing.

When a broker shines

Self-employed income, investment properties, VA or FHA purchases, jumbo loans, or a credit score that is still being repaired. These are the situations where having many lenders to choose from changes the outcome.

Frequently asked questions

Can I get a better rate from a broker?

Sometimes. Rates depend on your credit, down payment, property and the day you lock. The only way to know is to compare real quotes.

Want a no-pressure comparison? Call (469) 414-5554.

By Kelly Welton, Mortgage Broker (NMLS #314183), Mohave Mortgage Texas Branch. Mohave Mortgage NMLS #1830581 · Texas Branch NMLS #2690682 · Equal Housing Opportunity. General information only, not a commitment to lend or financial advice. Programs, rates and guidelines vary and change.