Mortgage Broker or Mortgage Banker
When it's time to locate a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. Since a new home is the outcome of the work of both mortgage broker and loan officer, it's common to confuse the two job types. But as you begin the application process, it can benefit you if you understand they ways they differ.
What is a Mortgage Broker?
A mortgage broker (either a company or an individual) is an independent agent for both the mortgage loan applicant and the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. A mortgage broker can look at your numbers to find out which lender is the right fit for your loan needs. From application to closing, your mortgage broker works with you: offering your loan application to several lenders, and coordinating the process with the lender through to the closing of the loan. The broker receives a commission from the borrower at closing.
About Mortgage Bankers
Mortgage Bankers are representatives of a specific lending institution (such as a bank) who work with mortgages and other loan products from their place of employment alone. There may be a variety of loans types to draw from even though all are products of that particular lending institution.
Your mortgage banker will represent you to the bank or other lending institution. The borrower is walked through the whole process, from finding a loan to closing, by the mortgage banker. Lending institutions give their mortgage bankers a commission or salary.
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