Reaching out directly to banks vs. using a mortgage broker

[Evan Lagerloef]

Hi All,

I am currently looking to buy my first personal residence but will also be looking to buy my first investment property this year as well. For my personal home, I am looking for a fixer upper to basically do a live in flip. Ideally I would like to live there for at least 2 years and fix it up while I am living there, doing as much work as possible myself to save $$ and to learn more about rehabs.

I am planning on starting the pre-approval and loan process but I wanted to get some advice on working with banks vs. working with mortgage brokers. My credit score is pretty good, I have a W-2 job, and a decent amount of cash saved up for a 20% down payment.

Is there a time or situation you would prefer working with one over the other?

Should I just work with both and see where I get the best rates?

What are some pros and cons of both?

Any advice is greatly appreciated! Thanks