Mortgage Brokers vs. Mortgage Bankers

Real Estate

Mortgage Brokers vs. Mortgage Bankers

What's the difference?

Benefits of Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on his customer’s needs, not his employer’s needs. A broker matches clients with lenders then walks the paperwork through final approval and funding. Brokers’ fees are paid by the lender, so they are of no consequence to the buyer.

Benefits of Bankers: Mortgage bankers are direct lenders; working with them eliminates the middleman. Mortgage bankers themselves approve or reject loans and may prove more expeditious. Mortgage bankers must have substantial net worth if they are to survive. Because they are competing with both other bankers and brokers, mortgage bankers offer competitive rates

 

Team Hilbert is proud to work very closely with several local lending professionals.  The first step to buying a home is knowing your buying power.  Ask Team Hilbert for some great connections!