Should You Use a Bank or a Broker to Get a Mortgage?

When I got my mortgage license, someone very smart said to me "Congratulations! Which bank are you working for then?"

To which I happily responded "I don't work for the bank! I work for you!"

Seems to be that many otherwise very smart people still don't understand the role of a licensed mortgage broker as compared to that of the lovely person employed by the bank. While both individuals can help you get mortgage financing to purchase a home, there is a very big difference between the two.

In fact it could cost you thousands of dollars and a ton of heartache and stress if you take whatever the bank offers you, without consulting a broker first. Here's why hiring a mortgage broker to do the legwork for you makes a world of the difference.

Rate. Terms. Penalties. All of it!