Advantages of Mortgage Brokers
-Access to a variety of mortgages and lenders -Can save you money by shopping for the best mortgage rates -Can quickly find another lender if your loan initial application is turned down
Disadvantages of Mortgage Brokers
-Some function as the lender’s agent and have the lenders best interest at heart -Free to set their own pricing and may mark-up wholesale rates to whatever they want -Service may vary from broker to broker
Advantages of Home Builders
-Good way for the first-time home buyer to qualify -The buyer does not take title to the real estate until the home is completed
Disadvantages of Home Builders
-May favor certain lenders who offer higher rates -Can pressure you into getting their loan instead of using a different lender
