Bloomfield Hills Mortgage, Broker, Loan Officer
Mortgage Broker or Mortgage Banker
Either a mortgage broker or a loan officer can help you when you apply for a mortgage . As a new home is the outcome of the work of both mortgage broker and loan officer, people often confuse the two. But as you begin your application process, it can benefit you if you understand how they differ.
What is a Mortgage Broker?
A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan borrower as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. Which lender offers the loans that fits your financial situation? A mortgage broker will help you find the right fit. Your broker will offer your mortgage application to various lenders, and works with the chosen lender until closing. The borrower pays a commission to the broker if the loan closes.
About Mortgage Bankers
Mortgage Bankers represent a specific lending institution (such as a bank) who work with mortgages and other loan programs for their place of employment alone. There may be a wide range of loans types to draw from although all are products of that particular lender.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lender. A loan officer can help you through the selection, processing and loan closing. Mortgage bankers are given a commission or salary for their work by their employers.
Looking for mortgage advice? We'll be glad to talk about your mortgage needs! Give us a call at
248-644-1200. Want to get started? Apply Here
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