Mortgage broker versus a loan officer
A reader asks:How do I decide whether to use a mortgage broker versus a loan officer from my bank? What's the difference?
Our reply:
Wikipedia defines a mortgage broker as follows. "A mortgage broker acts as an intermediary who sources mortgages on behalf of individuals or businesses." In other words, they can determine what loan packages you are qualified to participate in from a variety of lending institutions.
A loan officer from a bank only has the products and services offered by that bank.
- Christine Serventi
posted by SFResidence.com @ 9:00 AM
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