working with mortgage broker?

[David Smith]

Just talked to one.  Lender pays for broker's service.

Broker can shop for terms and rates for me, instead of I apply with only one lender.

It is a good way to get good deals?

I need to do a REFI and condo mortgage.  

[Marty Johnston]

@David Smith you're probably going to see a LOT of answers and opinions on use of a Mortgage Broker here on BP. If you do a search for "Should I use A Mortgage Broker" you're bound to find hundreds of threads on the question. I'm of the personal opinion that it really depends on the person. A mortgage broker is most commonly paid by a broker fee, from the borrower, at the closing table. On refinances, their fees can be covered from your equity (assuming you have the equity to cover it). Some lenders pay brokers YSP, which can mean an increase to your interest rate, but lower closing costs. Some brokers do this to look like they're very affordable (and albeit, some brokers DO have lower charges than others), but all brokers are based on loans funded, and most paid at closing, rather than out of back-end yield. 

Brokers who are good can quickly identify best options for your financing needs, present multiple quotes, distinguish your 'end goals', and help guide you to a product both now, as well as an exit (if applicable) to achieve said goals. Good Brokers make a living through referrals and happy previous clients, meaning marketing doesn't mean much! They're the professional at finding the best option for multiple scenarios, rather than a direct lender who has their "box", and that's it usually.

If you like options, and you're willing to pay a professional to not just push papers but help advise you, a mortgage broker to most people is WELL worth it. 

Hope this helps!