Vienna Mortgage, Broker, Loan Officer
Know the difference: Mortgage Brokers and Loan Officers
When it's time to find a mortgage , you may work with a loan officer or you may choose to work with a mortgage broker. People often confuse the two job types as both will reap the same outcome: a new home. Yet knowing how they are different will be beneficial to your mortgage loan process.
About Mortgage Brokers
A mortgage broker is someone or company that works as an independent agent for the mortgage loan applicant as well as the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which may be a bank, trust company, credit union, mortgage corporation, finance company or even an individual investor. A mortgage broker can look at your finances to determine which lender is the best fit for your loan needs. You give your application to your broker, who submits it to a number of lenders. Your mortgage broker then helps you work with the lender chosen until the closing of the loan. The borrower submits a commission to the broker upon closing.
What is a Mortgage Banker?
Lending Institutions (banks, finance companies, and others) employ mortgage bankers to offer, and process loans on behalf of that particular institution alone. They may be able to market loans to fit many different situations, but all the loans are programs of the same lender.
Also called a "loan representative" or "account executive," a loan officer represents the borrower to the lending institution. From finding a loan to closing, a mortgage banker will help you through the process. Lenders give their loan officers a commission or salary.
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