Either a mortgage broker or a loan officer may help you when you apply for a mortgage.
People can confuse them since both will reap the same result: a new home.
However, recognizing how they differ is advantageous to the mortgage loan process.
A mortgage broker works for you and the lender. They are licensed firms or individuals who sell loan programs on behalf of lenders. A broker does not lend money. These companies helps individuals to obtain loans thorugh retail banks or mortgage banks.
Mortgage bankers work for a specific instituion. Mortgage bankers are more of a one-stop mortgage shop. With access to multiple lenders, bankers are able to offer a variety of home loans, such as Conventional, Jumbo, FHA, VA and USDA. Unlike traditional banks, mortgage bankers focus solely on mortgage lending without the distraction of other lending products or personal finance services. When you conduct business with mortgage bankers you are working with federally licensed professionals.
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