Mortgage question

[Adam in CO]

Stacy,

I like what the retailers do business-wise, but it is expensive. Using a retail bank usually means less headache, lower costs and higher rates. Using a wholesale broker usually means more costs and paperwork, but far better rates. That's really the big difference between wholesale and retail in this business.

We usually find a break point of about 30 months. So, depending on how long you're going to keep the property or the loan is what should make up your mind about using a banker or a broker.

In a jumbo scenario, you'll probably save hundreds each month by getting 0.75% better in rate and get a far better long-run deal from a broker than you can from a bank. It would probably be worth using a wholesaler for that kind of savings.

If you want me to peruse any info and give you an objective expert opionion, don't hesitate to ask. I would always prefer that people get good data so they can make informed decisions.

Good luck.