Richmond Hill Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers and Mortgage Bankers
When you're looking to get a mortgage loan, you should know the difference between a mortgage banker and a mortgage broker. It's easy to confuse these because both will produce the same outcome: a new home. However, understanding how they are different is helpful to the mortgage loan process.
About Mortgage Brokers
A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan borrower and the lender. Your mortgage broker will stand as facilitator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even an individual, private investor. Which lender has the loan programs that is right for you? A mortgage broker will help you find the right fit. From application to closing, your mortgage broker works with you: presenting your application to a number of lenders, and walking you with the chosen lender through to closing. The borrower submits a commission to the broker at closing.
Lending Institutions (banks, finance companies, and others) employ loan officers to market, and process mortgage loans from that specific institution alone. They may be able to market loans to fit many different situations, but all the loans are programs of the same lender.
Your mortgage banker represents you to the bank or other lending institution. From selecting a loan program to closing, a loan officer will walk you through the process. Lenders pay their loan officers a commission or salary.
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