New Orleans Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers vs. Loan Officers
When you need a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. People usually confuse the two job types since both will give the same outcome: a new home. However, knowing the ways they differ is advantageous to your mortgage process.
A mortgage broker is someone or firm that acts as an independent agent for both the mortgage loan borrower and the lender. A mortgage broker facilitates things for you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even a private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. You work with a mortgage broker to analyze your financial circumstance and lead you to the lender who has the right loan for you. You deliver your application to your broker, who offers it to a number of lenders. Your mortgage broker then helps you work with the lender chosen until the loan closes. The borrower submits a commission to the broker at closing.
About Mortgage Bankers
Mortgage Bankers are representatives of a specific lending institution (such as a bank, credit union, etc.) who process mortgages and other lending programs originated by their company alone. There can be a wide range of loans types to choose from even though all are programs of that particular lending institution.
A loan officer will represent you to the bank or other lending institution. From choosing a loan product to closing, a loan officer can walk a borrower through the process. Loan officers are given a commission or salary for their work by their employers.
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