Mortgage Broker or Loan Officer

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When you need a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. Since both give the same result (a new home), people often confuse the two. Yet it is helpful to recognize the difference between them so you have clear expectations of them during your mortgage application process.

What is a Mortgage Broker?

During the mortgage loan process, an individual or group who is an independent agent for both mortgage loan borrower and lender is a mortgage broker. A mortgage broker facilitates things between you and your lender, which can be one of the following: a credit union, bank, trust company, finance company, mortgage corporation 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, private investor. A mortgage broker can review your finances to find out which lender is the best fit for you. From application to closing, your mortgage broker facilitates your loan process: offering your application to a number of lenders, and walking you with the chosen lender through to the closing of the loan. Upon closing, the broker's commission is paid by the borrower.

About Loan Officers

Loan officers work for a specific lending institution (such as a bank) who process mortgages and other lending programs originated by their employer alone. Although a loan officer may offer quite a variety of loans, they will be programs with that lender alone.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. From selecting a loan to closing, a loan officer can help you through the process. Lending institutions pay their loan officers a commission or salary.

Questions about Refinancing or a New Mortgage Loan? Call (208) 726-5466.

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