Mortgage Broker or Loan Officer
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Either a mortgage broker or a loan officer can work with you when you’re looking to get a mortgage loan. People can confuse the two because both will reap the same result: a new home. But as you enter your application process, it will benefit you if you know their differences.
A mortgage broker is an individual or group that acts as an independent agent for both the mortgage loan applicant and the lender. 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 a private investor. You use a mortgage broker to look at your financial circumstance and find the lender who has the right loan program for you. Your broker will submit your loan application to a handful of lenders, and works with the chosen lender until closing. The borrower submits a commission to the broker at closing.
About Loan Officers
Loan officers work for a specific lending institution (such as a bank) who promote and process mortgages and other loans originated by their employer alone. There can be a wide range of loans types to draw from even though all are products of that particular lending institution.
Your loan officer represents you to the bank or other lending institution. From selecting a loan product to closing, a loan officer can guide you through the process. Either a salary or commission is paid to loan officers by their employers.