Mortgage Broker and Loan Officer
Either a mortgage broker or a loan officer can help you when you apply for a mortgage . People often confuse them as both will give the same outcome: a new home. But as you begin the application process, it will help if you know how they are different.
What is a Mortgage Broker?
During the mortgage loan process, an individual or firm who is an independent agent for both mortgage loan applicant and lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. A mortgage broker will analyze your finances to determine which lender is the best fit for you. Your broker will submit your mortgage application to various lenders, and works with the chosen lender until the loan closes. The borrower pays a commission to the broker upon closing.
Loan officers are representatives of a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other loan programs originated by their place of employment alone. They may be able to promote loans to fit many different situations, but all the loans will be products from the same lender.
Also called a "loan representative" or "account executive," a mortgage banker represents the borrower to the lending institution. From finding a loan to closing, a loan officer can guide a borrower through the process. Either a salary or commission is paid to mortgage brokers by their employers.
In the market for a mortgage loan? We will be glad to help! Give us a call today at
(703) 551-4107. Want to get started? Apply Online Now