Do you know what a mortgage broker is? Do you know how they are different than bankers? Read on, friends…this super brief synopsis could offer valuable information to you.
What is a mortgage broker?
A mortgage broker is an intermediary between you (the borrower) and the entity providing the money for the loan (the lender). Mortgage brokers get the borrower’s documentation in order, pull their credit report, and determine their financial status and ability to obtain a mortgage. They work with the lender to get the best possible loan product and pricing.
How do brokers differ from bankers?
Brokers work for the client, not the bank. In fact, they are fiduciary to the client, acting in your best interest always.
Brokers have access to a wide range of lenders and mortgage and loan options.
Brokers can advocate for the best deals possible for their clients.
Brokers are compensated with a federally fixed rate.
Brokers are required to undergo rigorous training and certification processes.
Ok, so what about bankers:
Bankers work in the interest of the bank.
Bankers can only offer the standard options offered by their employer.
Bankers standards for training are much less stringent.
Bankers’ compensation is not fixed which can mean higher fees for the client.
Bankers are a service rendered by the bank, terms cannot be negotiated.
If you are my friend, sister, mom or cousin, I want you to work with a mortgage broker, not a banker. Do business with someone you know, like, and trust…Lakeshore Home Loan is here for you.