Mortgage Broker or Mortgage Banker

Either a mortgage broker or a mortgage banker may assist you when it's time to find a mortgage . Because both reap the same result (a new home), people usually confuse them. But as you enter the application process, it will benefit you if you know their differences.

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 facilitator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual, private investor. A mortgage broker will look at your financial situation to determine which lender is the right fit for you. You deliver your loan application to your broker, who offers it to one or more lenders. Your mortgage broker then helps you work with the lender of choice until the loan closes. If the loan closes, the broker's commission is given by the borrower.

About Mortgage Bankers

Loan officers represent a particular lending institution (such as a bank) who process mortgages and other loan programs originated by their employer alone. While a loan officer may promote quite a variety of loan programs, they are all programs with that lender alone.

Your mortgage banker represents you to the bank or other lending institution. From finding a loan to closing, a mortgage banker can guide you through the process. Lending institutions give their loan officers a commission or salary.

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Executive Lending Group

A Division of 1st Capital Mortgage LLC

2401 Tee Circle, STE 102B
Norman, OK 73069