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Can I get a better interest rate if I go directly to my bank? |
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No. The advantage of working with a mortgage broker is that brokers have relationships with many banks. Mortgage brokers know which banks have the lowest rates and best loan programs and the bank with the lowest rates may not be your bank. Additionally, a mortgage broker will continue to work for you after the loan closes by monitoring interest rates. If interest rates drop, your mortgage broker will contact you to lower your rate. Your banker, on the other hand, would prefer to keep your loan at the higher rate.
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