I have a question for any home owners who might read this. When you first went about securing a mortgage for your home how did you do it? Did you go through your bank and speak with the mortgage specialist on hand at the bank branch or did you use Mortgage Brokers? I’m trying to decide which way works better for the home owner.
When Chris and I bought our home we first started out talking with our banks but we didn’t really like the offers that they were giving to us. You see they can only offer whatever mortgage types that the bank they work for handles. We switched to a mortgage broker who’d been recommended to us by our real estate agent, who did not receive any payment from us for his services, and he was able to look through all of the offers with all the banks that have mortgage packages and he found us what I still believe to be the very best mortgage at that time.
Interest rates were really low 5 years ago, and the bank was offering us a mortgage at 5.1% I believe. When we went through our broker we got a mortgage with 0% interest for the first 6 months and then after that we only paid 1% interest for the longest time until the mortgage rates began climbing again. As of right now our mortgage rate is only 4.5% and that’s still a much better deal that what most people are offered.
So my vote is for talking with a mortgage broker when getting a new mortgage for your home. What do you think? What have your experiences been like compared to my own?