A bank can only offer its own loan products. A mortgage broker compares your file across many wholesale lenders, which gives you more programs and more pricing to choose from. That is most useful when your situation is not simple or when rates are high and small differences add up.
Retail bank vs. mortgage broker
A retail bank has one menu. If your file does not fit that menu, you may be told no or offered less favorable terms. A broker takes one application and compares it across the wholesale lenders it works with, so you can see more than one answer.
When a broker helps most
- You are self-employed or have non-traditional income.
- Your credit has a few bumps.
- You are buying a condo or a property type some lenders avoid.
- Another lender has already turned you down.
- You want to compare real Loan Estimates side by side.
Why small rate differences matter
Over a 30-year loan, even a fraction of a percentage point changes your monthly payment and the interest you pay. The only way to know what you can save is to compare actual Loan Estimates for your file, not advertised rates.
Questions to ask any lender
- How many lenders can you compare for me?
- Can I see a full Loan Estimate, not just a rate quote?
- What is your typical time to clear-to-close?
- Who underwrites and funds this loan?
Frequently asked questions
Is a mortgage broker better than a bank?
It depends on your file. With strong credit, W-2 income and a large down payment, a bank may work well. With anything unusual, a broker gives you more options.
Where can I learn more?
Read how a Woodbridge mortgage broker works, watch One bank says no? A mortgage broker has more options, or read what clients say on Zillow.
Call (732) 754-7474 or ask us to shop your loan →
JahnLends is the Woodbridge, NJ branch of AMS Mortgage Services, NMLS# 145742. Equal Housing Opportunity. For information purposes only. This is not a commitment to lend or extend credit. All loans are subject to credit approval. Other restrictions may apply.