Know what to expect: Mortgage Brokers and Loan Officers

When it comes to getting a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's understandable to confuse these because both will give the same result: a new home. But as you begin your application process, it will help if you know they ways they differ.

Mortgage Brokers

During the mortgage loan process, an individual or firm who is an independent agent for the mortgage loan borrower as well as the lender is a mortgage broker. A mortgage broker coordinates 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 credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Which lender offers the mortgage loans that is best for you? A mortgage broker will help you find the right fit. From application to closing, your mortgage broker works with you: presenting your loan application to several lenders, and walking you with the chosen lender through to the closing of the loan. The broker is given a commission from the borrower if the loan closes.

What is a Loan Officer?

The main difference between a mortgage broker and a loan officer is that the latter works for a lending institution (a bank, credit union, or others) to process loans solely originated from that institution. There can be a wide range of loans types to draw from although all are products of that particular lender.

Your mortgage banker represents you to the bank or other lending institution. A loan officer can guide you through the selection, processing and loan closing. Either a salary or commission is paid to loan officers by their employers.

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