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How Are Mortgage Bankers and Brokers Different?

How Are Mortgage Bankers and Brokers Different?

A great deal of terminology exists describing the various organizations that provide mortgages. If you are in the market to purchase a home, chances are good you'll have a number of options available to you. But, looking at the details of who you are going under contract with can be very important.

What Is a Mortgage Banker?

Mortgage bankers are the most commonly selected organization to work with when shopping for a home loan. These are banks that offer a wide range of loan options including FHA, VA, and conventional loans. What makes them different from simply borrowing from a bank is that they tend to focus just on mortgages. This can help you to gain access to highly competitive rates and flexible loan options.

What Is a Mortgage Broker?

Brokers are a bit different. These are federally licensed organizations that sell loan programs. They often represent one or more lenders. The goal of the loan officer is to close the deal and to get you to sign up for the loan after they've helped you find the best one for your needs. The benefits are availability of numerous loan types and competitive rates. However, they tend to sell your loan to an underwriter, which means that, while the terms remain the same, the organization overseeing your loan may differ.
For any questions about who you should contact about a mortgage, contact Midland Mortgage today!

Posted Aug 24, 2016 by Midland Mortgage Corporation