The process of buying your own home has a lot of twists and turns, but a reliable mortgage banker can help. There are speed bumps, roadblocks, and hoops to jump through along the way. Make sure you are aware of the distinctions between lenders and bankers before you get in over your head.
A mortgage lender is exactly what it sounds like – someone that can provide the money to support whatever housing loan you end up taking out and also typically engages in other loan operations. Simply put, they loan you the money.
A mortgage banker is an entity that exclusively connects candidates with appropriate lending bodies. It’s considered an immediate and focused route to achieving the goal of mortgage qualification. Bankers connect you to qualified and reputable lenders. Using a banker to communicate with the financial lender means your banker is managing the details of the loan and the lender is honoring them.
Working with a mortgage banker you might find more competitive rates and flexibility. There is also the likelihood that working with a mortgage banker will result in a quicker, more efficient process since the focus of the company is much more narrow.
While the distinction between these two entities might seem very small, the difference can mean quicker turnaround on loan applications and better mortgage deals overall. This isn’t always the case – both bankers and lenders are working in the same arena. It just depends on the financial urgency of particular applicants.
To learn more about the difference between bankers and lenders or to find a mortgage banker who is right for you, let the pros at Midland Mortgage help. Give us a call at 803-765-1680, or get started with your mortgage application.