 TITLE: Is It Better to Use a Mortgage Broker or Bank? CONTENT: How Do Bank Mortgages Work?\n---------------------------\nGetting a mortgage from your bank or credit union is a simpler process. You complete a loan application, meet with a loan officer and review your available choices. Your bank or credit union may have excellent options for you, and getting a home loan through your own financial institution may qualify you for relationship perks like free checking.\nOn the downside, working with one bank limits your choices. The bank next door might offer a better deal, but you won't know about it if you only talk to your bank. That could be important if your credit score might qualify you for a better rate at one financial institution over another. Even a small difference in your interest rate can cost you tens of thousands of dollars over the life of a 30-year mortgage.\nAgain, doing your homework is key. Learn more about qualifying for a mortgage and consider which factors might affect your loan approval, rates and fees. Familiarize yourself with going interest rates and see how your bank's rates line up. Armed with this knowledge, you'll have some idea whether or not you're getting a good offer from a bank. Do you have doubts? You can always shop around with other lenders—and a mortgage broker—to see what they have to offer before you sign. END