Mortgage Broker vs. Loan Officer vs. Mortgage Advisor
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Either a mortgage broker or a Mortgage Advisor can help you when you work on your application for a mortgage loan. Since both give the same result (a new home), people frequently confuse the two. But for the application process, it will help if you understand how they differ.
About Mortgage Brokers
During the mortgage loan process, an individual or company who is an independent agent for the mortgage loan applicant as well as the lender is a mortgage broker. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker will review your finances to find out which lender is the right fit for you. Your broker will submit your mortgage application to several lenders, and works with the lender of choice until closing. The broker gets a commission from the borrower at closing.
Mortgage Advisors/Loan Officers
Mortgage Advisors, also known as Loan Officers represent a specific lending institution (such as a bank) who market and process mortgages and other loans on behalf of their employer alone. There can be a wide range of loans types to choose from although all are programs of that specific lending institution.
Your Mortgage Advisor represents you to the bank or other lending institution.
The loan officer can guide the borrower through the application, processing and closing of the loan. Either a salary or commission is given to loan officers by their employers.
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