Know what to expect: Mortgage Brokers vs. Loan Officers

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When you apply for a mortgage loan, you need to know the difference between a loan officer and a mortgage broker. Since a new home is the result of the work of both mortgage broker and loan officer, people can confuse the two job types. However, it is beneficial to recognize the difference between the two jobs so you have clear expectations of them during the mortgage application process.

About Mortgage Brokers

A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as facilitate between you and the lending institution; which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. You use a mortgage broker to examine your financial circumstance and lead you to the lender who has the best mortgage loan for you. Your broker will submit your mortgage application to a handful of lenders, and works with the lender of choice until closing. At closing, the broker's commission is given by the borrower.

Loan Officers

The biggest difference between a mortgage broker and a loan officer is that the latter is employed by a lending institution (a bank, credit union, or others) to process loans only originated from the programs of that institution. While a loan officer may offer quite a variety of loan programs, they are all programs with that particular lender.

A loan officer will represent you to the bank or other lending institution. A loan officer will help the borrower through the selection, processing and closing of the loan. Loan officers are given a commission or salary for their work by their employers.

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