Mortgage Broker VS Mortgage Banker

A mortgage broker and a mortgage banker are both professionals who can help you obtain a mortgage, but they differ in their roles and responsibilities.

A mortgage broker acts as an intermediary between borrowers and lenders. They work with multiple lenders to find the best mortgage rates and terms for their clients. Brokers typically don’t lend money themselves but connect borrowers to the right lender. Brokers also assist with the mortgage application process and can help with negotiations.

On the other hand, a mortgage banker is an individual or a company that originates and funds mortgages using their own funds or through a warehouse line of credit. They work for a specific lending institution, such as a bank or a credit union, and provide mortgage services directly to customers. Mortgage bankers typically have access to a limited range of loan products offered by their institution, but can provide more personalized services to their clients.

In summary, a mortgage broker shops around to find the best loan for a borrower while a mortgage banker provides loans directly from their lending institution.

When shopping for a new mortgage it’s a good idea to get quotes from a mortgage broker and mortgage banker.  Click the get a quote botton below to connect with a mortgage profesional now.