is it better to go with your bank if you have been pre-approved or should igo see a mortgage broker

Hi justtollenaar,

It is always good to shop around, compare various loan offers and go for the one with a better rate. If you have been preapproved for a mortgage by a bank you have had a long association with, you can stay with them. But are you comfortable with the rate they are offering you?

Agreed. You would definately want to make sure that they are offering you a competative rate before diving right in. After comparing rates though you may still want to choose your bank if you can't find a rate that is much lower. It's always nice to know that you can speak to someone face-to-face about any concerns you may have as opposed to working with some out of state lender who you can only communicate with via phone calls.

Hi

That's right. You should obviously look for better offers so you can take a well-informed decision. Working with the bank you have been with for a long time is definitely good. But if there's a better offer for you somewhere else, why would you not avail it? Nevertheless, a lower rate only should not be the lone criterion for choosing a loan program. There are factors lik hidden costs etc that need to be taken into account while making a decision.

working with someone you know and trust is key. it will certainly not hurt to shop a bit, but you need to develop a rapport and a relationship with someone who is so critical to your quest in purchasing. if you have a relationship now, it's note quite fair to abruptly pull up stakes and go elsewhere. certainly, anyone who's tied to you at this time is going to try to provide the best deal for you. one way to ensure yourself of that is to ask directly of your bank if they are giving you the best deal that can be found anywhere, or if it's just their best deal.

i believe in loyalty and in service. sometimes you have to pay a little extra for supreme service, and you'll find far more times than not that it is worth every penny.