From Yahoo Finance: 2025-06-19 11:00:00

When considering buying a home, one of the important decisions is how to get financing. You may wonder whether using a mortgage broker or a nonbank retail lender is the best choice for your money. A mortgage broker connects individuals with lenders, while nonbank retail lenders loan money but aren’t tied to a bank. A study by Polygon Research found that borrowers who used a broker saved an average of $10,662 compared to those who worked with nonbank retail lenders. Additionally, upfront costs for broker-assisted loans are lower than those for retail lenders, offering potential savings for borrowers.

Mortgage brokers provide more options and flexibility compared to nonbank retail lenders. They can help borrowers save money upfront, as well as lower interest rates. For VA borrowers, working with a mortgage broker can result in significant cost reductions. Brokers also play a role in helping underserved communities gain access to lending. Ultimately, using a mortgage broker can lead to cost savings, better rates, and increased equity over the life of the loan.



Read more at Yahoo Finance: Is Working With a Mortgage Broker Better for Your Wallet?