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Choose a Broker When Buying a House

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From Quick Guide: Buying a Home Guide

Summary: A good mortgage broker can determine how much house you can afford. See why in this video on buying a home.

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By Brett Staggs
eHow Presenter

Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. For the latter, he has...read more

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Video Transcript

"Hello, my name is Brett Staggs and on behalf of Expert Village I'm going to be telling you how much you can afford for a first time home buyer. When purchasing your first home and you want to figure out how much home can I afford, what is the right house for me? Who can help me get this home loan? There are two things you can keep in mind; you can either work with a broker or work with a bank. You might say what's the difference. The difference is a broker has connections with many banks so you come to them they take a loan application from you and they're going to take that application and shoot it out to a couple of different banks to see where they can get you the best deal. When you go to a bank they can also be broker but nine times out of ten they are not going to. If you go to a bank they're going to take your application and they are going to place your home loan with their own bank. So when you go to a broker expect to have a lot of different options and obviously you can ask "hey what about this bank, what about that bank?" You can ask them because you have the knowledge that this person is sending your application out to multiple banks. When you go to just your own bank or bank that someone suggested to you just keep in mind you walk in there to get a loan and your loan is going to be with that bank. So that is the difference between the two."

eHow Article: Choose a Broker When Buying a House

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