Mortgage Brokers vs. Mortgage Bankers
What's the difference?
Benefits of Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on his customer’s needs, not his employer’s needs. A broker matches clients with lenders then walks the paperwork through final approval and funding. Brokers’ fees are paid by the lender, so they are of no consequence to the buyer.
Benefits of Bankers: Mortgage bankers are direct lenders; working with them eliminates the middleman. Mortgage bankers themselves approve or reject loans and may prove more expeditious. Mortgage bankers must have substantial net worth if they are to survive. Because they are competing with both other bankers and brokers, mortgage bankers offer competitive rates
If you are looking for help navigating the right choice when picking one or the other, reach out to me and I can answer your questions and make the process easy! Do you homework now so when you do find that perfect home you are ready to make an offer.
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