Know what to expect: Mortgage Brokers and Loan Officers
When you're looking to get a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. Because both reap the same result (a new home), it's understandable to confuse the two. But as you enter the application process, it will benefit you if you know how they differ.
A mortgage broker is someone or company that 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 can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker will examine your finances to find out which lender is the best fit for you. From application to closing, your mortgage broker works with you: submitting your mortgage application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. The borrower submits a commission to the broker at closing.
About Mortgage Bankers
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process loans on behalf of that specific institution alone. There may be a wide range of loans types to draw from, but all are products of that particular lending institution.
A loan officer (also called an "account executive" or "loan representative") acts on behalf of the borrower to the lender. A loan officer can help the borrower through the selection, processing and closing of the loan. Loan officers may be given a commission or salary for their services by their employers.
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