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Mortgage Banker vs Broker

Mortgage Banker vs Broker

Are you shopping for a Mission Viejo home loan? When you need a new mortgage, you may work with a loan officer or you may choose to work with a mortgage broker. A Broker is a middle man charging a fee for getting you a loan.It’s understandable to confuse the two job types. Yet knowing the ways they differ will be beneficial to the mortgage loan process.

Middle Man Brokers

During the mortgage loan process, an individual or company who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. Your mortgage broker will stand as facilitate between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor.

A mortgage broker can look at your finances to determine which lender is the best fit for your loan needs. You give your mortgage application to your broker, who presents it to a number of lenders. Your mortgage broker then helps you work with the lender of choice until the closing of the loan. The borrower pays a commission to the broker at closing.

What is a Mortgage Banker?

The biggest difference between a mortgage broker and a Bank loan officer is that the latter is employed by a lending institution (a bank, credit union, or others) to promote and process loans only from the programs of that institution. Although a loan officer may promote quite a range of loans, they will be products from that lender alone.

Also known as a “loan representative” or “account executive,” a loan officer represents the borrower to the lending institution. From selecting a loan product to closing, a loan officer can help the borrower through the process. Loan officers are given a salary for their work by their employers.

Working with a salaried mortgage banker will allow you to get several options that are best for you…not which one makes the most money for the middle man Broker. If you are searching for a for a home loan , give us a call.

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