I'm a new home buyer, buying a condo. Now that we have already signed a contract, a question raised for me. Is it recommended to get a mortgage directly from a bank or through a mortgage broker?
- Which one saves us more money?
- Lower interest rates? Lower closing costs?
- Shorter loan preparation?
I've been already in contact with a broker, but looking at their cost sheet, I feel they are going to rob us. They keep saying these are estimates, which makes me think, as a first-time buyer, that they will suddenly increase the prices later once you are stuck.
The purchase price is $175K. Putting down 20%, and going for a 15-year loan.