As you prepare to purchase a home, you may find yourself working with many real estate professionals to help you seal the deal.
Researching mortgage loan options, you’ll find the terms mortgage broker and mortgage banker come up frequently. Understanding these terms can help you get a better grasp on your financial needs and help you figure out which professional is best suited to aid in your homebuying experience.
Mortgage bankers are employed under a single lender to provide loan products and work with clients to find the best mortgage solutions, as well as help clients apply for loans. They also gather borrower financial data and run checks to see if clients qualify for their lenders loan products.
If you’ve heard of a mortgage banker, then you may have also heard of a mortgage broker. Even though the two terms seem similar, there are differences between the two professions.
Whereas a mortgage banker works for a singular financial institution, a mortgage broker partners with multiple lenders to offer clients a wide range of financial options. A mortgage broker acts as a bridge between the loan borrower and lenders. Once the borrower is approved for the loan, the broker has completed their role in the transaction.
Mortgage bankers are typically paid from salary and may make a small percentage of commission (1-2 percent) from the loan agreement.
Whether you decide to partner with a mortgage banker or broker, having professional guidance can help you understand loan terms and figure out the best solution for your home financing.
Phil Gilles
Direct: 239-425-5423 | Email: [email protected]
Donna Gilles
Direct: 239-425-5426 | Email: [email protected]
Donna and Phil Gilles are two of the most respected Pine Island Florida Real Estate Agents. Their dependability, honesty and integrity are truly a "cut above” in the real estate profession.
Donna and Phil started BlueWater Realty of Pine Island on September 11, 2002, realizing Pine Island was in need of a real estate family that was a step above the mass marketers that dominate the real estate profession. Donna and Phil’s in depth real estate training include: investment management, brokerage, marketing high-end homes, real estate law, ethics and practice.
If your immediate future requires counseling in the purchase or sale of real estate, please contact Donna or Phil. They are professionals who will work hard for you to help achieve your real estate goals.