Ragavan Sreetharan | Broker or Banker? That’s The Question!

Ragavan Sreetharan |  Nevertheless you need to know which one is best for you in order to close on a good mortgage deal.
A mortgage banker is a direct lender, which lends you its own money, whereas the mortgage broker works as a middleman, who does the loan shopping and analysis on behalf of the borrower and brings the lender and borrower together. There are certain lenders who don’t deal directly with the public, and it is the brokers which get loans from them.

Raguragavan Sreetharan
Ragavan Sreetharan

The consumer’s perspective | Ragavan Sreetharan

However from the consumer’s perspective, there’s not any big difference between a mortgage broker and a mortgage banker. Both of them explain the various loan types to the prospective borrowers and help them select one, collect the application and supporting paperwork, and keep in touch with the borrower till the closing day of the deal.

Then, why is there so much fuss over a mortgage broker and a mortgage banker? How is a mortgage broker different from a mortgage banker?

More And Different Options | Ragavan Sreetharan

Dealing directly with a mortgage banker can save you time and give a respite from the hefty fee of a middleman. By directly granting loan approval, a mortgage banker makes the loan process easier for you. In contrast, a mortgage broker can confuse you with second-hand information. But, many mortgage banks offer, essentially, their own product, whereas a mortgage broker has access to many loan programs and charges a fee for his service. Presenting a loan to a lender is like submitting your taxes to the IRS. So do take care of ways while presenting a loan to a lender.
Seeking a mortgage broker service permits you to present a loan application to different lenders in a different way. However as an investor it is sensible to get the services of both a mortgage broker and a mortgage banker. Also, it doesn’t make any difference to get a loan with the help of a mortgage broker or a mortgage banker as long as you get services and benefits as promised.

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With mortgaging, Mortgage bankers are actually the best of the lot and your finest option for financing a home. In addition, a mortgage banker provides you with more flexibility in financing.

Being not highly regulated business in most of the states; beware of “fly-by-night” operations of the mortgage brokering. Check out the legitimacy of mortgage brokers and check whether they are licensed or not and also try to know their credibility. Try to know whether they were or are involved in any litigation or investigations were made against them.

It is important that the broker or lender you are dealing with has a number of different loan programs to offer. Often, you will find a particular loan program that doesn’t suit your purpose; in that case you need to change lenders or loan programs.

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