As you prepare to purchase a home, you may find yourself working with many real estate professionals to help you seal the deal.
Researching mortgage loan options, you’ll find the terms mortgage broker and mortgage banker come up frequently. Understanding these terms can help you get a better grasp on your financial needs and help you figure out which professional is best suited to aid in your homebuying experience.
Mortgage bankers are employed under a single lender to provide loan products and work with clients to find the best mortgage solutions, as well as help clients apply for loans. They also gather borrower financial data and run checks to see if clients qualify for their lenders loan products.
If you’ve heard of a mortgage banker, then you may have also heard of a mortgage broker. Even though the two terms seem similar, there are differences between the two professions.
Whereas a mortgage banker works for a singular financial institution, a mortgage broker partners with multiple lenders to offer clients a wide range of financial options. A mortgage broker acts as a bridge between the loan borrower and lenders. Once the borrower is approved for the loan, the broker has completed their role in the transaction.
Mortgage bankers are typically paid from salary and may make a small percentage of commission (1-2 percent) from the loan agreement.
Whether you decide to partner with a mortgage banker or broker, having professional guidance can help you understand loan terms and figure out the best solution for your home financing.
After working for the “Corporate Big Guys” for over 25 years owner, Nancy Fudge, decided to open her own office, hence Fudge Properties opened its doors in 2007!
We’re certainly not new to the business. Owner, Nancy Fudge, has been a full time Realtor since 1981. Every one of our clients is extremely important to us and you will never just be a number on a spread sheet. We are an Independent Real Estate Brokerage and, with that, you get our full attention. Many franchise agents depend on their broker’s franchise name to establish their confidence.
