Vienna Mortgage, Broker, Loan Officer
Know what to expect: Mortgage Brokers and Loan Officers
Either a mortgage broker or a mortgage banker may assist you when it comes to applying for a mortgage . It's easy to confuse the two job types since both will yield the same outcome: a new home. However, it is important to understand the ways they differ so you have clear expectations of them during the mortgage process.
About Mortgage Brokers
A mortgage broker is an individual or company that is an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a credit union, bank, trust company, finance company, mortgage corporation or even an individual investor. A mortgage broker can examine your financial situation to find out which lender is the best fit for you. From application to closing, your mortgage broker works with you: offering your mortgage application to a number of lenders, and walking you with the chosen lender through to closing. The borrower submits a commission to the broker at closing.
Loan officers are representatives of a specific lending institution (such as a bank) who work with mortgages and other loan programs on behalf of their employer alone. There may be a wide range of loans types to choose from even though all are products of that particular lending institution.
A loan officer (also known as an "account executive" or "loan representative") represents the borrower to the lending institution. From finding a loan product to closing, a loan officer can help a borrower through the process. Either a salary or commission is paid to mortgage brokers by their employers.
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