Mortgage broker or big bank

[bill123]

Hi,

My current mortgage is with Wells Fargo. I am thinking about refinancing. A friend of my says I would get a better deal going through a mortgage broker.

Anyone have any idea if I would get a better deal refinancing with my current bank, Wells Fargo, as opposed to going through a broker?

I have good credit and right at 20% equity in my house (crosses fingers).

thanks

[Goldy]

Hi Bill,

We were in a very similar boat and had our mortgage at wells fargo. I simply went on Zillow and found a mortgage rate finder that was able to find the best rates in the area whether it was through brokers or banks. The best was a small mortgage broker so I requested more info and was blown away by how cheap it can be to refi. We were able to do the whole process for 900 bucks and got a fantastic rate. I send the offer to Wells to see if they could match it and did not get a reply so my decision was made.

We are really happy we did the refi as we are now paying about 250 bucks less per month.

[JoshuaHeckathorn]

It can't hurt to explore both avenues. Brokers can sometimes find you the best deal, but you should explore what your bank can offer you as well. Oh, and make sure that they all pull your credit scores around the same time (try to do all your rate-shopping within a 14-day time period to be safe). You don't want to take any unnecessary dings to your FICO scores.