Whether you are looking to purchase a home for you and your family or a commercial building for your company, in most cases, you will need to work closely with a mortgage professional. The question becomes whether to go with a mortgage banker or a mortgage broker, and the first step is understanding the difference.
- Mortgage Banker – A mortgage banker works for one financial institution. They are familiar only with the criteria that lender uses. If you are working with a mortgage banker at the same place you do your other banking, they will have access to all your banking information – good or bad. Mortgage bankers work for the lender, so they are likely to put the institution’s interests before yours.
- Mortgage Broker – A mortgage broker has access to multiple financial institutions. They are not lending you money themselves but finding you the best lender with the best terms for your situation. You can save considerable time over going from one lender to another which may be critical if you have a pressing need for the funds or need to close on a property in a timely manner. A mortgage broker works for you, not the lenders.
Here at the BRM Lending Team, we are a mortgage broker, so we represent you and we take that responsibility very seriously. We will work hand in hand with your financial advisor to ensure your mortgage fits with your financial objectives and we will work diligently to get you the best terms possible for your mortgage. Contact us today to learn more about our services and how we can assist you with your real estate purchase.