Mortgage Q&A: Broker?

Q.

Do I need a mortgage broker?

A.

You have options when it comes to taking out a mortgage -- and they don’t stop at hiring a mortgage broker. Like any big purchase, you need to shop around, and a broker can help you do that – and, in the course of helping out the anxious borrower, they can score a nice little profit of their own. They’re tapped into various lender programs and can present you with a range of rates, whereas a bank has its mortgage terms and that’s that. And then there are nationwide lenders who just bypass the need for a broker. We say, look at all three -- or more. Talk to mortgage brokers and find one you connect with. But also check in at your bank branch and do some surfing online. You don’t need to hide the fact that you’re shopping around, and you don’t need to feel beholden to a broker just because they did a lot of legwork for you.

Nestpert: Diane St. James, a mortgage coach at abcmortgage.net

-- Alonna Friedman

See More: Mortgages , Buying a Home