Should I use a mortgage broker?
I am in need of a 30 year mortgage and am kind of lost. I went through my bank’s mortgaging department and well, my credit isn’t the best and my income isn’t the best. I got turned down; I am predicting the same could happen if I go from bank to bank. Should I go through a mortgage broker to simplify my life?
Some banks I talked to (with the preapplication process, which was free) said that I should not really need a broker if I already found the home of my dreams and already found the bank (the person whom I was talking to). So banks are in a position not to really want the customer to go to the broker; the broker wants the customer to go through him/her. I can’t really “shop” for 30 year mortgages because of time issues so what is my best gameplan?
Add’l: I ask this also because I think I will get a high rate anyways (stinks!!) so is it worth shopping for loans? Will this affect my credit score if all these inquiries come flooding in during the (multi)application process?
I’ve saved enough for a down payment (20%) and even that wasn’t enough to lure my bank, which was, in fact, a credit union…