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Mortgage Broker or Mortgage Banker?
Published on Saturday, 16 January 2010
Many home buyers have a thinking that the mortgage company that they deal with are banks that let consumers borrow their own money. However, the fact is that this company can be a mortgage brokers or a mortgage bankers.
Who are mortgage brokers and who are mortgage bankers?
Mortgage brokers are individuals (often referred as middlemen) associated with many lenders such as Alliance & Leicester, Barclays, and HSBC. They help the consumer find the lender with a low interest rate. All the process such as loan processing, underwriting and financing is carried out by third party entities. When it comes to timeframe, you are at the mercy of the financing company that has provided you the loan. Since they help in knowing the best third party entities for you, the loan fees are high.
Mortgage bankers, also known as direct lenders, allow you to borrow their own money and carry out all the loan process.  Most often, they do not have the lowest rates and close the loans on time. The loan fee is comparatively cheaper than mortgage brokers.
Who should you opt for?
When you use a mortgage broker, you save on money that you spend on middlemen and expect the loan to be approved at a faster speed. If your application highlights certain negative points such as bad credit history, your loan may not be approved. A mortgage broker will make sure that whenever you apply for a loan, these points are not highlighted and you get your loans approved without any trouble. If you are an investor, it can be good for you if you team up with a mortgage broker.

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