I am thinking about buying my first home, but I dont know if I should go to the local bank or a mortgage broker . The bank only charges 300 for the application while the mortage broker charges 1.5 % the amount of the loan but gives me more options. The bank is offering me a one point reduction(not a clue what that means) and also wave the underwritting and bank fees because my wife works at the bank . Does that sound like a good option ? Even better question should I be buying now ?

 

No offense, but your question to us is like me asking you, "I'm going to buy a car. Should I finance through a bank or through the dealer?" without giving any further information.

What other "options" are you talking about? What rate is each giving you? What is the total costs of each? No one can give you an answer if you don't provide enough information.

As for whether you should be buying, again, no one can offer you any kind of advice if you don't give us a clue as to what you are looking at under what circumstances, what market, and what your situation is. And this is all regardless of what the overall market condition is.