However, a broker will generally have a more thorough knowledge of some of them than you have. Your alternative was to study the newspaper ads, look through the phone book and either call or visit each individual lender. Today you can get a lot of that information online. That information, however, can be complex, complicated, and confusing. Part of a broker's job is to examine different lenders to find the one that best fits your needs.
People use brokers both for their information and for their experience.
If, however, you've been through the process a few times, you might feel confident enough to find your own loan. Always keep in mind the fact that you have to be comfortable with the loan you get and the way you get it. There are many factors to look at whether you are choosing a local, regional, or national lender. Stephen Brobeck, Executive Director of the Consumer Federation of America, in Washington, D.C., says the biggest difference between regional or national or local lenders is usually the service they provide. Before we go into that, let's look at the simple fact that the company you get your mortgage from is often not the company that will be collecting your monthly mortgage checks, even though you may make the checks out to that company.