Is it better to get a loan from a mortgage broker or a mortgage banker?
There are numerous home financing sources in today’s marketplace: mortgage brokers, mortgage bankers, credit unions, banks, savings and loan associations, etc. The real test is not how the lender is organized, it’s whether they can deliver the best loan for your circumstances.
In general terms, a mortgage banker is a company that has the ability to fund its own loans. A mortgage broker is an individual who sells loans for another company. In practice, most lenders can act as mortgage brokers.
There is also the matter of delivery. The best mortgage quote in the world is useless if the lender can’t deliver the loan with the terms that were promised.
To find out how lenders perform, ask local real estate brokers for their recommendation.
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Syndicated originally by Content That Works and posted with permission.
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