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You have more options with a broker. Plus, I feel more comfortable telling my mortgage broker what I really do than going down to Wells Fargo or whatever and trying to figure out if they will freak out on me about porn.
The requirements are usually more stringent if you go directly through your bank. For instance I know Wells Fargo requires something like a 700 FICO score for a home equity loan while a broker could get you a loan if your score wasnt that high.
I went through a broker twice and both times Wells Fargo ended up buying my loan even though they probably wouldnt have given me a loan directly ;)
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