Mortgage Broker and Loan Officer

	Are you looking for a mortgage? We will be glad to assist you! Call us at (713) 255-5587. Want to get started? Apply Online Now.

Either a mortgage broker or a loan officer can help you when you need a mortgage loan. Since a new home is the outcome of the work of both mortgage broker and loan officer, it's understandable to confuse the two. Yet it is beneficial to understand how they differ so you know what to expect from them as you enter your mortgage application process.

About Mortgage Brokers

A mortgage broker (either a firm or an individual) is an independent agent for both the mortgage loan borrower and the lender. A mortgage broker coordinates things between you and your lender, which can be one of the following: a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. Acting as a facilitator between you and your lender, your mortgage broker can match you with a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. Which lender has the loan that is right for you? A mortgage broker will guide you to the best one. You deliver your mortgage loan application to your broker, who offers it to several lenders. Your mortgage broker then guides your work with the lender chosen until the closing of the loan. The broker receives a commission from the borrower if the loan closes.

About Loan Officers

The main difference between a mortgage broker and a loan officer is that the latter works for a lending institution (a bank, credit union, or others) to market and process loans only from the products of that institution. They may have the ability to promote loans to fit many different situations, but all the loans are products from the same lender.

Also known as a "loan representative" or "account executive," a loan officer acts of behalf of the borrower to the lender. From choosing a loan program to closing, a loan officer will guide you through the process. Lenders pay their loan officers a salary or commission.

Questions about Refinancing or a New Mortgage Loan? Call (713) 255-5587.