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Mortgage Banker/Mortgage Broker
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Mortgage Banker/Mortgage Broker
Can someone explain the differences of these?
And why someone would choose one over the other?
Thanks
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Posted 10/10/06 12:21 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Mortgage Banker/Mortgage Broker
I dont know the difference but I am working with a Mortgage Broker and have nothing but rave reviews about him.
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| Posted 10/10/06 12:38 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Mortgage Banker/Mortgage Broker
A banker is usually someone who works for a bank(or they are a broker who has opened a bank) A broker has access to many different banks and rates
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| Posted 10/10/06 12:46 PM |
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Libragal07
Loving Summer.....
Member since 8/06 6636 total posts
Name:
Samantha aka Sammy Bones
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Re: Mortgage Banker/Mortgage Broker
FM
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| Posted 10/10/06 12:51 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Mortgage Banker/Mortgage Broker
here's how to remember the difference:
Banker is Licensed to Lend
Broker is Registered to Refer.
Meaning a banker is someone that can write the loan themselves cause they have the funds available. A broker is someone who refers you to a bank or lending institution to get the loan. Brokers charge points at closing to cover their payment and fees so it's always better to work with a bank. Always try the bank you use everyday since they will always try to give you the best rates to hold onto your business. HTH!
Message edited 10/10/2006 5:49:19 PM.
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| Posted 10/10/06 5:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage Banker/Mortgage Broker
my husband is a banker/broker
he is a direct lender- hence the banker
and he also is a broker- meaning he has acess to all different banks etc
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| Posted 10/10/06 7:55 PM |
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