Know what to expect: Mortgage Brokers and Loan Officers

Either a mortgage broker or a mortgage banker may help you when you work on your application for a mortgage loan. Because both a mortgage broker and mortgage banker will help you fund your new home, it's easy to confuse the two. However, it will be helpful to recognize the ways they differ so you know what to expect from them during the mortgage application process.

What is a Mortgage Broker?

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 coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker will review your financial situation to determine which lender is the best fit for you. You give your mortgage application to your broker, who submits it to a number of lenders. Your mortgage broker then assists your work with the lender of choice until the loan closes. The borrower gives a commission to the broker if the loan closes.

About Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process loans from that particular institution alone. They may have the ability to market loans to fit many different situations, but all the loans are programs of the same lender.

Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. From choosing a loan to closing, a loan officer will guide the borrower through the process. Either a salary or commission is paid to mortgage brokers by their employers.

Are you looking for a mortgage loan? We'd be thrilled to discuss our mortgage offerings! Give us a call today at 4078987559. Want to get started? Apply Here.

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