Mortgage broker vs direct lender

[Cristian De Jesus]

I'm a new investor in the Central Florida Area. I'm looking for opinions on whether I should use a mortgage broker or direct lender, in order to finance my first deal. My final goal is to get a good deal and service without over paying for it. Also, if anyone has any recommendations near my area please feel free to let me know. 

Thank you!

[Stephanie P.]

Quote from @Alex Hunt:

Do not work with a broker as they are just relaying information from the actual lender anyways and you will pay additional fee's for using a broker versus working with the direct lender. Look into lending 1, Brrrr Loans, BOA. Pairing with the right lender makes all the difference, don't be afraid to shop around to find the best rates and service. I like how you added that part as I preach it is not always about the rate but finding the combination of service and best rates. It does not matter if they are direct to the area, as lenders in your area or any local lender will be more expensive than a large national player.

Not sure why you would say "do not work with a broker" when you work for a broker. Makes no sense. Lending One, BRRRR Loans and my company US Commercial are all brokers. We all get our money from somewhere else like a Deephaven, or HomeXpress, or Velocity or LoanStream, or Sprout or Visio and the list goes on and on. We're not lending our money and we're beholden to larger correspondent lenders to fund the loans; period. It's the way the system has worked for years.

There is nothing wrong or to be ashamed about working for a broker.  I would say brokers are better because we're pairing the borrower up with the right lender, we're saving them the time and hassle and potential of getting the credit score lowered by shopping for them and if we're professional enough to know our lender's guidelines, we can place them in the best possible situation rather than hoping they chose the right lender for their very specific situation.

Stephanie