What’s The Main Difference Between A Mortgage Lender And A Mortgage Broker?
Real Estate July 10th, 2010What Is The Major Difference Between A Mortgage Broker And A Mortgage Lender?
It is recommended that you work with a mortgage broker or a mortgage lender before you shop for a home. You don’t want to finish up falling completely in love with a home and then finding out you can’t afford it. Getting pre-qualified or pre-approved for a loan will help you decide what price range fits your situation. So what is the difference between a mortgage broker and a mortgage lender?
A mortgage broker is essentially a retail seller of a loan. They get paid a commission from the bank and a service fee from you. The service charge can include an origination charge, a processing fee, a closing charge, and / or points on the loan. The charges will be listed on the documents you sign at the title company, on the day of closing. The benefit of using a mortgage broker is that they have info on a wide range of banks and loans that will fit your wishes. A mortgage broker’s requirement to his / her customer is to find the lowest rate possible and confirm all of the documents are prepared by the closing date. To do otherwise could cause the mortgage broker to lose consumers and tarnish their reputation with other property executives.
A mortgage lender is the institution servicing your loan. A lender might be a bank, a credit union, or a quasi-government company like FNMA or “Fannie Mae”. Sometimes a lender will sell the loan to the open market, but still continue to service it. The fee of a lender is sometimes less than that of a mortgage broker. The mortgage consultant , however , might find you an improved rate because they don’t seem to be bound by the policies of one institution. It is, therefore , debatable that going directly to the mortgage lender for a loan will save you money.
Regulators are looking for lenders to cut down on the amount of exotic and nontraditional mortgages they’re granting, but many are not becoming any stricter with their approval standards.
“Mortgage lending standards show little sign of tightening, ” announces Frederick Cannon, bank analyst with New York’s Keefe Bruyette … Woods Inc. Investment bank. “lenders should have dialed back the aggressive loans by now. “
Then who should you use? The answer is straightforward. Find the one who gives you the best deal. All mortgage consultants and mortgage lenders should tell you their fees up front, so go looking. It is also a smart idea, in some instances, to utilise a bank referred to you by your realtor. Realtors work with banks all the time and yours may have a warm feel for one that is reliable and honest. In the final analysis, though, you should use the mortgage broker or mortgage lender that is correct for you.
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