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Mortgage Brokers vs. Mortgage Bankers

Mortgage Brokers vs. Mortgage Bankers


Mortgage Brokers vs. Mortgage Bankers

 
Looking to purchase a home. Should you use a mortgage broker or mortgage banker. What's the difference?

What are the benefits of using a Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on his customer’s needs, not his employer’s needs. A broker matches clients with lenders and then walks the paperwork through final approval and funding. Brokers’ fees are paid by the lender, so they are of no consequence to the buyer. They have access to multiple lenders and are great for self-employed or non-conventional buyers.

What are the benefits of using a Banker: 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.

Ready to start looking for a home along the Denver Front Range. Give me a call. Natacha M. Gutierrez, Esq. Denver Realtor®.

Work With Natacha

Natacha became a real estate professional after practicing law for 19 years due to a love of all things real estate. That experience gives her the ability to carefully evaluate all of the details of a real estate transaction.