|
|
Mortgage Broker and Loan Officer
 |
 |
 |
Searching for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Give us a call today at 8082587653. Ready to begin? Apply Now.
|
|
|
|
|
 When you apply for a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since both a mortgage broker and lending officer will help you fund your new home, it's easy to confuse them. Yet it is helpful to recognize the ways they differ so you have clear expectations of them during the mortgage application process.
Mortgage Brokers
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. 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 a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Which lender offers the loan that fits your needs? A mortgage broker will guide you to the best fit. Your broker will submit your mortgage application to several lenders, and works with the lender of choice until closing. The broker is given a commission from the borrower at closing.
Loan Officers
Loan officers are representatives of a specific lending institution (such as a bank) who process mortgages and other lending programs originated by their employer alone. They may have the ability to offer loans to fit many different situations, but all the loans are programs of the same lender.
A loan officer (also known as an "account executive" or "loan representative") represents the borrower to the lending institution.
The loan officer will walk you through the selection, processing and loan closing. Loan officers can be given a commission or salary for their services by their employers.
In Search of a Mortgage ? Call 8082587653.
|
|
