Missouri City Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Loan Officers
Either a mortgage broker or a mortgage banker may help you when you apply for a mortgage . As both reap the same result (a new home), people can confuse the two job types. Yet recognizing how they differ is useful to the mortgage loan process.
A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the loan programs that is best for you? A mortgage broker will help you find the right fit. From application to closing, your mortgage broker facilitates the loan process: offering your mortgage application to a number of lenders, and coordinating the process with the lender through to closing. The borrower pays a commission to the broker upon closing.
About Loan Officers
Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans originated by that particular institution alone. There can be a wide variety of loans types to draw from although all are programs of that particular lender.
A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lender. The borrower is guided through the whole process, from selecting the loan to closing, by the loan officer. Either a salary or commission is paid to mortgage brokers by their employers.
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