Missouri City Mortgage, Broker, Loan Officer
Mortgage Broker or Loan Officer
Either a mortgage broker or a mortgage banker may assist you when it comes to getting a mortgage . It's easy to confuse the two as both will yield the same outcome: a new home. But as you begin your application process, it will benefit you if you understand their differences.
What is a Mortgage Broker?
A mortgage broker (either a group or an individual) is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Which lender offers the mortgage loans that is best for you? A mortgage broker will guide you to the best one. You give your mortgage application to your broker, who submits it to a number of lenders. Your mortgage broker then helps you work with the lender of choice until closing. Upon closing, the broker's commission comes from the borrower.
What is a Loan Officer?
The most important difference between a mortgage broker and a mortgage banker is that a loan officer is employed by a lending institution (a bank, credit union, or others) to process loans only from the programs of that institution. There may be an assortment of loans types to draw from although all are products of that particular lender.
Your loan officer represents you to the bank or other lending institution. The borrower is helped through the entire process, from finding the loan to closing, by the mortgage banker. Lenders compensate their mortgage bankers with a commission or salary.
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