Macon Mortgage, Broker, Loan Officer

Mortgage Broker and Loan Officer

Either a mortgage broker or a loan officer can help you when you're looking to get a mortgage loan. Since both a mortgage broker and lending officer can help you purchase a new home, it's common to confuse the two. But for the application process, it can benefit you if you know how they are different.

Mortgage Brokers

A mortgage broker (either a firm or an individual) is an independent agent for the mortgage loan borrower as well as the lender. A mortgage broker facilitates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Which lender offers the loan programs that fits your needs? A mortgage broker will guide you to the best fit. From application to closing, your mortgage broker works with you: submitting your mortgage application to a number of lenders, and coordinating the process with the lender through to closing. The borrower pays a commission to the broker if the loan closes.

Mortgage Bankers

Lending Institutions (banks, finance companies, and others) employ loan officers to promote, and process loans solely from that specific institution. While a mortgage banker may promote quite a variety of loans, they all are programs with that lender alone.

Also known as a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. The loan officer can help you through the application, processing and loan closing. Lending institutions compensate their loan officers with a salary or commission.

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