I was convinced a broker would get me a better mortgage rate, but my credit union beat their offer

I got quotes from three different mortgage brokers last month, and they all came in around 5.8% for a 30-year fixed. My local credit union in Sacramento, which I almost didn't check, offered me 5.5% with lower closing costs. Has anyone else had a bank surprise them like that after shopping with brokers?

2 comments

2 Comments

kai56414d ago

Brokers have to get paid somehow, and their commission gets baked into your rate. Credit unions are member-owned, so their whole deal is different. They aren't trying to make a big profit off you. People forget that and just assume a broker is shopping for them. Sometimes the simplest option is right in front of you.

jenny_jackson14d ago

My local credit union had rates a full point lower than what my broker found. I mean, it's wild how much that can add up over the life of a loan.