What Is The Major Difference Between A Mortgage Broker And A Mortgage Lender?

It is generally recommended that you work with a mortgage broker or a mortgage lender before you shop for a place. You do not need to end up falling madly 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 basically 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 fees will be noted on the documents you sign at the title company, on the day of closing. The advantage of employing a mortgage broker is that they have info on a wide range of banks and loans that will fit your needs. A mortgage broker’s requirement to his / her purchaser is to find the most competitive rate possible and confirm all of the documents are prepared by the closing date. To do otherwise could cause the mortgage broker to lose shoppers and tarnish their reputation with other real estate executives.

A mortgage lender is the establishment servicing your loan. A lender could 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 market, but still continue to service it. The fee of a bank is usually less than that of a mortgage broker. The mortgage consultant , however , might find you an improved rate because they are not bound by the policies of one establishment. It is, therefore , debatable that going directly to the mortgage lender for a loan will save your cash.

Regulators are calling for banks to cut down on the amount of exotic and nontraditional mortgages they’re granting, but many are not becoming any tougher with their approval standards.

“Mortgage lending standards show tiny sign of tightening, ” says Frederick Cannon, bank researcher with New York’s Keefe Bruyette … Woods Inc. Investment bank. “banks should have dialed back the aggressive loans by now. “

Then who should you use? The answer’s easy. Find the person who gives you the top deal. All mortgage consultants and mortgage lenders should tell you their charges upfront, so go looking. It is also a good idea, in some instances, to utilize a bank referred to you by your realtor. Realtors work with banks all the time and yours could have a warm feel for one that is reliable and honest. In the end, though, you must use the mortgage broker or mortgage lender that is good for you.

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