 TITLE: Is It Better to Use a Mortgage Broker or Bank? CONTENT: How to Choose Between a Bank and a Mortgage Broker\n--------------------------------------------------\nWhich avenue is best for you could come down to whether you already know a good mortgage broker or bank loan officer. If you have a line on a great broker or banker who is knowledgeable and trustworthy, or you've had a good experience working with your bank on a loan in the past, that might tip the scales.\nIf you don't have a ready contact in the mortgage business, try shopping around. Consulting multiple sources, including brokers as well as banks, is one way to get a better idea of what each has to offer. Online lending sites can also help you understand your range of available options, based on your credit score, income, down payment and home value.\nGetting prequalified for a mortgage with both a bank and a mortgage broker can help you understand what your options are and compare offers. While an offer can change once you submit an actual loan application, prequalification will give you a good idea of what rates and terms you can expect. This could help you see right away whether your bank or a mortgage broker is likely to offer you the best rate and terms.\nWhether you're meeting with a broker or a bank, here are a few questions to ask:\n*   What loan options am I likely to get?\n*   What should I expect my closing costs to be?\n*   Do you see anything in my loan application that might make it difficult for me to be approved for a loan or might cause a delay?\n*   Do I qualify for any special loans, such as those offered by government-backed mortgage programs?\n*   How long do you expect the loan process to take? END