Mortgage Broker or Mortgage Institution

[Frank Gade]

Bought our first rental and went through the same mortgage broker that we bought our primary residence through, everything went well, enjoyed our service and correspondence.  Obviously loan has been sold to another lending institution.  Question is do I need to go through my mortgage broker every time or can I just go through the institution that my loan has been sold to?  Any suggestions?

[Doug Smith]

It depends on who the loan was sold to. Some do direct retail lending and some are only wholesale. I would say this, your broker likely works with several sources for the loan...I know we do. Each source has plusses and minuses associated with them. We closed one on Friday that has phenomenal rates, but the process is a nightmare. Others have middle-of-the road rates and underwriting guidelines, but they close in a snap. I left retail lending for wholesale brokering. For my clients and I, it was the best decision. I would also say that you should remember the "everything went well, enjoyed our service" part of your post. They can help you get the best deal and navigate the murky and dangerous waters of lending. They seemed to have done it well to your satisfaction. I wouldn't suggest giving up that service and safety for what may seem like a money-saving mood. It's often the case that you spend $1000 to save $100. It's like the story of why you had to pay a pro when they seemingly spent so little time pushing a few little buttons...to which they reply "because I know which buttons to push". Your broker seems to know which buttons to push. Good luck to you.