Brokers typically have access to far more loan products and types of loans than a large-scale bank, whether it’s FHA loans, VA loans, jumbo loans, a USDA loan, or simply a borrower with bad credit.

Meanwhile, a Banks usually only offer conventional mortgages, such as those backed by Fannie Mae and Freddie Mac.

If you go with a broker, you might wind up with a more personalized loan experience, where they can carve out solutions to your problems, whether it’s a low down payment, limited credit history, or the desire to limit closing costs and/or avoid mortgage insurance.

If you use a broker, you will feel a more involved in the mortgage process versus using a bank, where it is not always practical for you to speak to a human being, or see them face to face.

The takeaway is that a bank probably won’t go the extra mile for you, whereas a broker might find solutions if/when any roadblocks present themselves.

That is in part because a broker can turn to different lending partners, whereas a single bank is at the mercy of its single suite of loan programs.

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