Broker vs Banker

In past years in the U.S. there has been a real boom in the mortgage industry. There are now more lenders than ever before and more mortgage options than you can shake a stick at. One thing that people should know before applying for a mortgage is what kind of lender they are dealing with. In the mainstream market there are usually 2 different kinds of mortgage professionals that an induvidual will come across, the broker and the banker.

Perhaps the best way to discern between the two is to realzie that brokers are middlemen. They shop the market for you and present you with an array of mortgage options from different lenders. This is an asset in that as a borrower, your options are less limited. It is always a good idea to get references for a mortgage broker as the practice is still unlicensed in some states. Bankers on the other hand are usually more established and have been in operation for some time. However as a banker is attached to a particular financial instituion, their range of mortgage products will also be established. These are typically the bankers that will be located by the broker in their search for mortgages to present you.

No matter who you choose to deal with for your home funding, the most important thing to do is to investigate where the money is coming from. There has been a rash of "shifty" mortgage companies in recent years so a good way to tell if a company is legitimate is longevity. Check how long they have been in business and if there have been any complaints made against them. If so, what was the nature of the grievances? You can never be too careful in deciding how to finance your new home. This is a purchase that has the potential to stay with you for a lifetime, amke sure that you make an educated decision.

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