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Big Banks vs Mortgage Brokers

In seeking a mortgage, an individual needs to decide whether to apply to a bank or to use a mortgage broker.

The loan officers at a bank, credit union or other lending institution are employees who work to sell and process mortgages and other loans  originated by their employer. They often have a wide variety of loan types to draw from, but all loans originate from one lending  institution.

Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

Think of mortgage brokers as scouts. They find and evaluate home buyers, analyzing each person's credit situation to determine which lender is the best fit for that person's needs. The broker submits the home buyer's application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.


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