Mortgage Broker or Loan Officer
Either a mortgage broker or a loan officer can assist you when it comes to getting a mortgage . As both a mortgage broker and lending officer can help you fund a new home, people frequently confuse the two. But as you enter the application process, it can benefit you if you recognize they ways they differ.
About Mortgage Brokers
During the mortgage loan process, an individual or group who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. You work with a mortgage broker to analyze your financial circumstance and find the lender who has the best mortgage loan for you. From application to closing, your mortgage broker facilitates your loan process: presenting your mortgage application to a number of lenders, and coordinating the process with the lender through to the closing of the loan. The broker receives a commission from the borrower when the loan closes.
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process mortgage loans solely originated by that particular institution. There may be a variety of loans types to draw from, but all are programs of that specific lending institution.
A mortgage banker represents you to the bank or other lending institution. A mortgage banker can walk you through the selection, processing and closing of the loan. Mortgage bankers are given a commission or salary for their services by their employers.
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