Macon Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Mortgage Bankers
Either a mortgage broker or a mortgage banker may help you when you work on your application for a mortgage . Because a new home is the outcome of the work of both mortgage broker and mortgage banker, it's easy to confuse them. However, recognizing the differences between them will be helpful to the mortgage loan process.
During the mortgage loan process, an individual or company who is an independent agent for both mortgage loan applicant and 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 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 investor. You use a mortgage broker to examine your financial situation and lead you to the lender who has the right loan for you. Your broker will offer your loan application to a handful of lenders, and works with the lender of choice until closing. Upon closing, the broker's commission is paid by the borrower.
The main difference between a mortgage broker and a loan officer is that the latter is employed by a lending institution (a bank, credit union, or others) to process loans solely originated from that institution. While a mortgage banker may market quite a range of loans, they will be programs of that specific lender.
Also called a "loan representative" or "account executive," a mortgage banker acts of behalf of the borrower to the lending institution. From finding a loan to closing, a mortgage banker will help you through the process. Lenders compensate the loan officers with a commission or salary.
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