When it comes to financing your home, there are many options available for you. The two best and most popular choices are A) a Mortgage BANKER and B) a Mortgage BROKER. But what can each do for you? And which choice is best for you?
Mortgage Banker
A mortgage banker is the lender – the person who is actually lending you the money. Even if you use a mortgage broker, it is the mortgage banker who makes the credit decision. While this option may be cheaper and faster, keep in mind that a mortgage banker will provide you with ONLY their banks rates and mortgage programs. If you are looking for comparative rates, you will need to visit several different lender agencies on your own.
Mortgage Broker
A mortgage broker will do the comparative shopping for you for a small fee. The broker does everything the lender would do -- checks your credit and work record, arranges for title search and hires the property appraiser -- but, once all of this information is compiled, the broker selects a mortgage lender that will most likely accept your application based on your financial data and personal information. In some offices, the mortgage brokers also are lenders.
If you choose to work with a Broker, we recommend that you have your Broker present several lending options so that you can see what the options are for yourself.
Each choice has its advantages and disadvantages, so it's wise that you analyze your current situation and look at your comfort level and confidence in negotiating a mortgage. If you feel that you have a strong understanding of mortgages and what type would be best for you, perhaps a Mortgage Banker would suit you best. But if you find that mortgage calculations make you go cross-eyed, or you simply do not have the time to shop your mortgage around, a Mortgage Broker might be best suited for you. Whatever your choice is, remember that both Mortgage Banker and Brokers do get paid unless you get a mortgage, so they are both working in your best interest.
For more information on the mortgage and other lending options, please visit: http://www.bennettrealestatepros.com/ or send an email to taylor@BennettRealEstatePros.com
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