Know what to expect: Chandler Mortgage Brokers vs. Loan Officers
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 result: a new home. Yet recognizing how they differ will be important to the mortgage loan process.
Chandler Mortgage Brokers
A mortgage broker is a person or company that acts as an independent agent for the mortgage loan applicant 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 a private 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 a private investor. You partner with a mortgage broker to analyze your financial situation and lead you to the lender who has the best mortgage loan for you. From application to closing, your mortgage broker works with you: offering your loan application to several lenders, and coordinating the process with the lender through to the closing of your loan. At closing, the broker's commission comes from the borrower.
What is a Chandler Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to promote, and process loans solely on behalf of that specific institution. They may have the ability to market loans to fit many different situations, but all the loans are programs from the same lender.
Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. The mortgage banker will help you through the application, processing and loan closing. Mortgage bankers will be given a commission or salary for their services by their employers.
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