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Burien Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers vs. Mortgage Bankers
When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Because both a mortgage broker and lending officer can help you fund a new home, it's common to confuse the two. Yet it will be beneficial to know the ways they differ so you have clear expectations of them during your mortgage process.
About Mortgage Brokers
A mortgage broker is an individual or company that is an independent agent for the mortgage loan applicant as well as the lender. A mortgage broker coordinates things for you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even a private 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. Which lender has the loan programs that is right for you? A mortgage broker will help you find the right fit. You deliver your application to your broker, who offers it to various lenders. Your mortgage broker then helps you work with the lender of choice until the loan closes. At closing, the broker's commission comes from the borrower.
About Mortgage Bankers
Mortgage Bankers are representatives of a particular lending institution (such as a bank) who work with mortgages and other loans on behalf of their place of employment alone. They may have the ability to offer loans to fit a variety of situations, but all the loans will be products of the same lender.
A mortgage banker (also known as an "account executive" or "loan representative") acts on behalf of the borrower to the lending institution. The borrower is helped through the whole process, from finding a loan to closing, by the mortgage banker. Lending institutions pay their loan officers a salary or commission.
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