Mortgage brokers, lenders, and loan officers all three have the same end goal. They all help people to obtain real estate financing so that their real estate purchases become easier and smooth. It is very important to know the differences between a lender, mortgage broker, and loan officer.
A mortgage broker acts as an intermediary to assist the real estate investors in finding the best lender. Furthermore, a mortgage broker performs as a middleman who can review offers from a variety of bankers to find the best deal for you. This person charges additional fees for this particular service.
Conversely, loan officers serve a particular institution and offer available loans and mortgage rates of that financial institution. They just sell products offered by their employer. Moreover, they earn commissions for originating loans. While considering refinancing a home, investors usually go to a local bank or credit union office. In those institutions, they can find loan officers who work for that particular institution. Loan officers are designated persons of a certain financial institution who can act as mortgage lenders’ sales force.
Lenders are financial institutions that are responsible for lending money. It can offer a wider variety of mortgage options and also allow investors to make payments directly to the bank. A mortgage lender is a bank or other financial institution that provides financial support to its clients. Those who want to obtain financing to purchase a home or any other property can contact directly to the lender directly without the help of a middleman.