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Hey everyone, thanks for joining me once again on my blog. Today I want to talk about mortgages, specifically, the difference between a mortgage broker and a mortgage banker. A lot of people have been asking me this question lately, so I thought today was an ideal time to clear the air about exactly what each of these people do. Simply put, a mortgage banker is someone who lends their own money, and a mortgage broker is someone who will find the best type of loan to suit your needs on the open market. In our opinion, mortgage brokers have a lot more versatility.
When you're choosing a mortgage company to finance your home, one important quality they should have is the ability to be reached on the weekends. Mortgage brokers are typically reachable on the weekends and after hours, because they are paid on a percentage basis. Mortgage bankers don't necessarily work the same way, and a lot of times are unreachable on the weekends. Before you go out hiring the first mortgage broker you see, I invite you to interview a few possible candidates, so you have more than one offer to work with.
There you have it, the difference between mortgage bankers and mortgage brokers. If you have any questions, feel free to reach out to me via phone or email, and I will be in touch!
