Mortgage Broker vs Loan Office at local bank

[Susan Herschell]

I am hoping to start a relationship with a mortgage professional and not sure whether its best to just work direct with a loan officer at my local bank or to go through a mortgage broker. What have been some of your experiences? What would you describe as the pros and cons of each? 

[Russell Brazil]

Im actually on the opposite end of the spectrum than @Renee Huffaker. I recommend going with a mortgage broker. A mortgage broker will be able to shop amongst many lenders for you. Many banks have internal underwriting guidelines that limit you to 4 mortgages, but if you are going through a broker you never have to worry about the internal guidelines as they are shopping amongst 30 or so different lenders. Yes the mortgage broker takes a cut of the pie....but typically the rates and loan products they are originating are being done at a larger discount than you could get, so their fees are outweighed by the discount you get using them.