I went with a broker for my mortgage and the rate they locked in was 0.25% higher than my bank's offer

I was sure a broker could find a better deal, so I gave them my info last month. They came back with a 6.5% rate, but when I checked with my own bank out of curiosity, they quoted me 6.25% for the same loan amount. I learned you really have to get quotes from both sides, not just assume one is always cheaper. Has anyone else had their bank beat a broker's rate recently?

3 comments

3 Comments

laura_lane2mo agoMost Upvoted

My broker in Phoenix actually got me 6.1% when my bank was stuck at 6.4%. Brokers have access to more lenders, so they can sometimes find deals banks won't match. It really depends on your specific financial situation.

victor802mo ago

Happened to me last year too. Banks can be sneaky competitive when they know you're looking around.

fiona_johnson823d ago

Ask your broker to run a quick comparison on any competing offer you get. @laura_lane's right about brokers having wider access, that's how I ended up with a 0.3% drop last time. Once the bank sees you're serious about leaving, they'll usually play ball.