Mortgages are available from a wide array of institutions, and buyers typically work with either a mortgage broker or a mortgage banker. While a mortgage broker works with several institutions to shop around, a mortgage broker works directly with a single lending institution. So what are the advantages of working with a mortgage banker?
This difference may seem small or insignificant, but in the end, it can have the biggest impact on a buyer's mortgage experience. Because a mortgage banker is an employee of the bank itself, they are an expert in that institution's requirements and processes.
A mortgage banker is responsible for every aspect of the mortgage. Rather than a broker, who is simply a go-between for the client and the lending institution, a mortgage banker is the client's direct contact for all aspects of the mortgage process. Even after the loan is closed, the client will continue to work with the institution to make payments, unless the loan is sold to an investor.
If a buyer's credit history has some gray areas that require a subjective decision, working directly with a mortgage banker can be the difference between hearing "yes" and hearing "no." A mortgage banker is working directly with the bank's own capital. After getting to know a client and any extenuating circumstances, a mortgage banker may be willing to approve a mortgage that a broker would not.
If you are looking for a streamlined lending experience, contact Midland Mortgage today. Our mortgage bankers are ready to assist you in buying your next home.