In the world of mortgages, the technical terminology can be a little bit confusing; getting a mortgage banker and a mortgage broker mixed up is a common mistake. But there are benefits to using a mortgage banker when you finance your loan.
Consider these perks to having a mortgage banker on your side:
Mortgage bankers are specialized in structuring the specific terms of a mortgage deal. During the ongoing negotiations of a mortgage, details like interest rates or down payment numbers may change. Many prospective homeowners have trouble keeping so many spinning plates in the air at once, and these details can slip through the cracks. When a mortgage banker originates your loan, you can have confidence knowing that the mortgage you sign for is the mortgage you want.
Mortgage bankers fund loans with their own capital. They are sanctioned and licensed by the state to make direct loans to consumers. Mortgage bankers can be more competitive than mortgage brokers because bankers only specialize in lending rather than both lending and managing loans. This means you have a better opportunity to shop around and find better deals, rates, and fees.
Maybe most importantly, mortgage bankers are in a better position to offer unbiased advice. Because they sell a variety of mortgages and their compensation isn't based on managing your loan, they can be more honest about the terms and conditions of the mortgages they offer. If your application doesn't meet the standards of one lender, they are ready to match you up with other terms that do fit your needs.
If you are ready to move forward with the help of qualified mortgage bankers, the expert team at Midland Mortgage is here to help. Contact one of our mortgage bankers today.