I got a better rate by walking into a local credit union instead of using my usual broker

I was looking to refinance my house in Boise last month and my broker gave me a quote at 6.8%. On a whim, I stopped by a credit union near my work just to see what they offered. Their loan officer ran the numbers and came back with 6.2% for the same term, which will save me about $120 a month. I had always thought brokers shopped around more, but this time going direct worked out better. Has anyone else found a local bank or credit union beating a broker's rate recently?

3 comments

3 Comments

fiona_walker141mo ago

Funny how the middleman is supposed to get you the best deal, but half the time they just add another layer of cost. I see it with concert tickets all the time, where buying direct from the venue box office is cheaper than any resale site. Same thing with booking a hotel room, calling the front desk can beat the online travel agency price. Makes you wonder what the broker is actually doing for their cut.

fiona_walker141mo ago

Just skim off the top.

janaw111mo ago

Ever notice how some brokers just exist to make things HARDER? Like when you try to buy a house and your agent won't even show you a "for sale by owner" place because they don't get a cut. Or when a car dealer adds a huge "document fee" for basically printing papers. What's a REAL example where the middleman actually earned their money instead of just being a toll booth?