Are Brokers better?

[Tedderbear]

Hi everyone-
My sister-in-law is looking for a home. Her credit is so-so. Is it better to go with a Broker? If so, why? Thanks!

[MTG_BANKER_OH]

Hi everyone-
My sister-in-law is looking for a home. Her credit is so-so. Is it better to go with a Broker? If so, why? Thanks!

Brokers have more loan options and access to many lenders whereas one lender only has access to their programs and generally can not go outside the bank. She would be best if she can find a broker especially if her credit is so-so, she should get a couple of quotes call a broker and a bank and do some comparisons, I does not hurt for her to shop around, and It does not hurt your credit if you do it within a 2 week timeframe.

[HHM]

How so-so is the credit? Generally, your sister would have a better chance at getting a loan with a broker, but that does not mean it will be a good deal.

It might be better if she stepped back and looked at the bigger picture...it simply may not be the right time for her buy a home. Perhaps she should take some steps to clean up her credit first, also, on a macro economic level, interests rate may actually come down in the near future.

Afterall, for most people, a home purchase is a long term investment...so why make a bad deal now for the sake of owning a home when you can make a better deal in a year or two if you do a little planning and take steps to get you in a better position to get a better deal.

[mixxalot]

Need good broker in Southern California

Hi all,

I received my Ch 7 BK discharge on 3/13/06 this year and have been rebuilding my credit since then. My recent FICO scores are 590, 601 and 610. Any good brokers in southern California please let me know. I am earning 200k per year on new job and taxes are killing me!

Cheers,
Scott