PSA: I got my last mortgage through a broker after always using my bank

I always just walked into my local branch for a home loan, but for my place in Tacoma last year, a friend pushed me to talk to a broker. They found a credit union rate that was a full 0.75% lower than my bank's offer, which saved me a bunch upfront. Has anyone else made that switch and been surprised by the options a broker can dig up?

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3 Comments

derek786mo ago

How much did you end up saving with that lower rate?

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riley8605mo ago

Yeah exactly @rosebennett, my broker found a tiny credit union that saved me $200 a month.

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rosebennett6mo ago

Wasn't there a study last year showing brokers often get better rates from smaller lenders? I remember reading that they have access to way more banks and credit unions than any one person could check. Your 0.75% difference sounds about right from what I've seen people post online. It seems like the big banks just can't always compete.

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