What is a mortgage broker? 0
When you obtain a mortgage, you can work with an officer in a bank or other lending institution, or you can work with a mortgage broker. It is important to understand the differences between a bank loan officer and mortgage broker before taking out a loan.
Bank loan officers
Banking agents in a bank, credit union or other financial institution sell and process mortgages where they work. They can offer a wide variety of loans, but typically come from the bank, credit union or lending institution specific.
Mortgage Brokers
A mortgage broker is someone who gets paid a fee to bring borrowers and lenders. Mortgage brokers work with a wide variety of lenders from different institutions. Runners analyze the credit status of each person to decide what is the best lender to meet the needs of that person. A broker should help you find the best option for you. Sometimes this means not only lower monthly payment or lower interest rate, but the broker can also help assess which mortgage company can help you close your loan quickly and smoothly. The broker sends the request of the buyer of the house to one or more lenders in order to sell it, and works with the chosen lender until the loan is closed.