Pros and Cons of using a Mortgage broker

[Kevin Pfeil]

Hey everyone, 

I'm moving to the Madison, AL area and looking to buy my first home to live in and house hack. I currently have two other properties in NY, one that was bought with a conventional loan, and the other was bought in cash. I'm looking to get an FHA loan for this next property that I will live in, so I can pay a smaller down payment (I have the means to pay more, but I like have money in reserves in case something comes up). My question is whether or not I should use a Mortgage broker to help find a loan for this property, or should I just call around to local banks and credit union to get my financing. I'm curious what are some of the pros and cons of using a mortgage broker since I've never used one before. Thanks in advance for any advice or help.

[Grant Shipman]

congratulations on your two houses so far and moving on to a third! The benefits of using a MB includes the following and I'm not aware of any downsides: incentivized to work hard for you, have knowledge of many loan programs/lenders/etc, and work outside of normal business hours. I guess the only downside is a mortgage broker will not be able to get you a portfolio loan, but an FHA is almost always going to be a portfolio loan. I like your plan of doing a low down payment and keeping money in reserves. It fits my Beyond House Hacking strategy I've used for years with a lot of success. Keep rocking it!