Mortgage Brokers vs. Mortgage Bankers
Have you ever asked yourself this question? I have!!! Here's the simple answer...
What's the difference?
Benefits of Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on the customer’s needs, not his/her employer’s needs. A broker matches clients with lenders, and then walks the paperwork through final approval and funding.
Benefits of Bankers: Mortgage bankers are direct lenders; working with them eliminates the middleman. Mortgage bankers themselves approve or reject loans and may prove more expeditious. Mortgage bankers must have substantial net worth if they are to survive because they are competing with both other bankers and brokers; mortgage bankers offer competitive rates.
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