I had a post from one of my readers that was great and I wanted to make sure everyone who follows my Blog had a chance to see it.

The Question Was:
Bob what is your feeling with going with a small lender that offers lets say 1/4 point less than a larger more well known bank. Also your thought about using a Mortgage Broker than going directly to a bank

Answer:
Let me say that the most important aspect of getting your loan is to work with someone you want to have a relationship with…… no not that kind.
I always recommend going with a live person rather than on line lenders even though you can get a better rate on line. It is better to have one person you know that you can get to if there are problems in Escrow etc.
Mortgage Brokers do not cost more than direct lenders and are not locked into any one source so I do prefer a reputable mortgage broker.
However there are advantages of doing all your business with one bank and one banker and that is to have multi services and branches at your disposal and use for all your banking
Lastly if it is between a large bank and small one I rather go with the larger one; firstly for all the branches you can walk into and the fact that building a relationship with a bank will help you in future banking needs. Having said all that 1/4% perhaps would not drive my decision (although I would pound on the banker or Broker to meet it or come closer) but a 1/2% would drive my decision.
My way to play it. Check with 2 or 3 mortgage brokers; see who has the best rate and you like the best. Go to a major bank and see if they will come to matching or getting close to the rate you were offered.
Your the boss so act like they need you not the opposite. I know it doesnt feel like it.