What reasons would you choose a Mortgage Broker over a bank?

Question

I am doing marketing research and am asking the general population on a few questions:

1. Why would you work with a Mortgage Broker?

2. Would you choose to work with one over another if offered a discount packager?

3. Would you talk to a cold caller or someone who came up to the door and introduced themselves.

4. Would you see a broker before a Real Estate agent?

5. If Real Estate Agent gave referral to see a broker, would you use that broker?

6. Any other comments to help in my marketing research - thanks!

Answer 1

1) Mortgage brokers shop around to find you the best rates.  

2) Discount packages are always good - but compare fees to make sure you're getting the best overall package.

3) I almost never do business with salespeople who approach me randomly.

4) Whether you see a mortgage broker or a Realtor first, it's best to get pre-approved for a mortgage before you start looking for homes so that you know what your price range should be.

5) If a Realtor refers you to a mortgage broker, they've probably done a lot of business and gotten good results with that person.  Don't feel pressured to use the one that's recommended, but it may be a good choice.

6) Whoever your agent is, make sure they have the Realtor designation.  Try www.relohomesearch.com, they have a good property search, and all of the real estate companies that are affiliated with them will be good ones.

Answer 2

I would go to a mortgage broker instead of a bank, because hopefully they would carry more than one product and be able to obtain the best rate available.  I would also go in before I purchased to get a handle on where I was in regards to the market.  The realtor would hold a lot of sway, but I think I would listen to them as well as my own mortgage broker.  As to the rest, they creep me out and make me want to take my cross out for protection against the vampires.