Bloomfield Hills Mortgage, Broker, Loan Officer
Mortgage Broker and Loan Officer
When you apply for a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. It's common to confuse these since both will reap the same outcome: a new home. However, knowing the differences between them is valuable to your mortgage process.
What is a Mortgage Broker?
A mortgage broker (either a company or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker will look at your financial situation to determine which lender is the best fit for your loan needs. Your broker will submit your mortgage loan application to a handful of lenders, and works with the lender of choice until the loan closes. The broker gets a commission from the borrower at closing.
About Loan Officers
Mortgage Bankers are representatives of a particular lending institution (such as a bank) who work with mortgages and other loan programs from their company alone. There can be an assortment of loans types to draw from although all are programs of that specific lending institution.
Your loan officer will represent you to the bank or other lending institution. A mortgage banker will help the borrower through the application, processing and loan closing. Either a salary or commission is given to mortgage brokers by their employers.
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