Better to go through Loan Agent or directly through bank for Refinancing or New Loan?

[Will F.]

Hi guys I was wondering if it is better to go to through a loan agent to compare loans or if it is better to go directly to two or three banks directly when getting a loan?
Do you usually get a better rate through a loan agent usually? I know they get some sort of commission but I figure they could also be a better deal?

Or would it be a good idea to just go through a place like LendingTree.com and just compare rates and choose the top couple banks and go directly through them?

I'd like to shop around, but was wondering what you all normally do?

Also I heard that if you go to several banks your credit score is pulled several times and your FICO could decrease is this true? I'm guessing this could be a problem if you shop too many banks?

[John Stevenson]

The internet is such a great resource for research that I cannot really see the benefits of using a loan agent. There are a lot of online sources for mortgage rates and terms. I personally like Bankrate.com.

Many banks now offer online applications. Applying to two or three banks should not adversely affect your credit score. Applying to 10 or more... well it will make people wonder what is going on. So, do your initial research, run the numbers, watch for points and then choose your top three and give them a call.