First-Time Homebuyers on Coastal Funding Blog

Mortgage Broker vs. Bank: Which Is Better for Your Loan?

Wed, 21 Oct 2026 06:30:00 -0500

A mortgage broker compares loans from many wholesale lenders for you, while a bank can only offer its own loans. Banks may be convenient if you already bank there. Brokers give you more choices with one application. Freddie Mac research shows that comparing more rate quotes can save borrowers real money.

Key Takeaways

Banks (retail lenders) offer only their own loan products and pricing.
Mortgage brokers shop multiple wholesale lenders on your behalf.
Freddie Mac found borrowers with four or more quotes could have saved more than $1,200 a year during high-rate months in late 2022.
Compare offers using the official Loan Estimate, which lenders must send within three business days of your application.
Always check a broker’s license on NMLS Consumer Access.

What Is a Mortgage Broker?

A mortgage broker is a licensed company or loan officer that works between you and the lenders. You fill out one application. The broker then compares programs and pricing from several wholesale lenders, which are lenders that work through brokers instead of directly with the public.

VA Home Loan Guide for Veterans Day: Benefits and Costs

Wed, 21 Oct 2026 06:00:00 -0500

A VA home loan is a mortgage backed by the U.S. Department of Veterans Affairs for eligible veterans, service members, and some surviving spouses. Most borrowers can buy with no down payment and no monthly mortgage insurance. In exchange, most pay a one-time VA funding fee. This Veterans Day, here’s how the benefit works and what it costs.

Key Takeaways

No down payment is often required for borrowers with full entitlement.
No monthly mortgage insurance, ever. Most borrowers pay a one-time funding fee instead.
Funding fee: 2.15% of the loan for a first-time purchase with less than 5% down (VA.gov).
Rates: Mortgage News Daily’s 30-year VA index was 7.04% on October 20, 2026.
Veterans with a service-connected disability rating are usually exempt from the funding fee.

Why Veterans Day Is a Good Time to Talk About the VA Loan

Veterans Day falls on November 11. It began as Armistice Day, marking the end of World War I fighting on the 11th hour of the 11th day of the 11th month in 1918. Congress renamed it Veterans Day in 1954 to honor veterans of all wars.

5 Scary Mortgage Myths Busted This Halloween (2026)

Sun, 18 Oct 2026 00:00:00 +0000

The biggest mortgage myths are that you need 20% down, perfect credit, and a perfect time to buy. They don’t hold up. Many loans allow 0% to 3.5% down, government-backed programs have flexible credit rules, and waiting has risks too. Here are five scary mortgage myths, busted, plus where rates stand this October.

Key Takeaways

You don’t need 20% down. Conventional loans can start at 3%, FHA at 3.5%, and eligible VA and USDA borrowers may put 0% down.
Credit doesn’t have to be perfect. FHA guidelines are built to be flexible.
Rate shopping won’t haunt your credit. Multiple mortgage inquiries in a short window generally count as one.
Rates: Freddie Mac’s 30-year average was 7.40% the week of October 15, 2026.
Investors may qualify on rental income with a DSCR loan.

Halloween is the one time of year when a little fright is fun. Buying a home shouldn’t be scary, though. Below, we bust five of the most common mortgage myths, share where rates stand, and lay out the tricks and treats of buying a home this fall.