| Your best option for finding a great mortgage lender is | | | | a mortgage broker? A loan officer works for one, |
| to hit the pavement and do some comparison | | | | single lender. That means they can only offer you |
| shopping. If your real estate agent and bank's lending | | | | mortgages that are issued or provided by their bank. |
| experts see that you understand exactly what's | | | | They won't shop around for you, but if your family has |
| available in your market and at what prices, they're | | | | a long-standing history with a local bank, they can offer |
| more likely to offer you the best terms. | | | | you that personal relationship. They can also look at |
| When trying to track down a great mortgage lender, | | | | you as a client with history, meaning you may get a |
| it's important to find someone you trust and who is | | | | lower interest rate. |
| willing to work with you to get the best loan possible. | | | | Again, if you have business dealing or investments with |
| Finding a reliable person or broker is often more | | | | a particular bank, these can give you preferred |
| important than the lending institution. Most first-time | | | | customer status, meaning you can access certain |
| home buyers use either a loan officer at a particular | | | | loans, discounted rates and other special services. |
| institution or a mortgage broker who can help them | | | | On the other hand, mortgage brokers aren't tied to a |
| shop around with different lenders. Either way, you | | | | specific lender and can therefore shop around with |
| should talk to friends and family who have recently | | | | you for the best loan. Typically a mortgage broker |
| borrowed money and ask them about their | | | | makes his or her money off a commission issued by |
| experiences. | | | | the lender or a closing fee markup (about one point) |
| Try to get their feedback on the company's customer | | | | that's paid by the borrower. When working with a |
| service, negotiation process and actual closing costs. | | | | broker, always make sure they're working in your best |
| You can also look online at customer review sites to | | | | interest and not simply for a higher commission. |
| read real customer reviews from borrowers just like | | | | Because they do this for a living, they understand the |
| you. These insights will teach you a lot more about a | | | | system and have a good grasp of the available |
| company than their glossy sales brochure. | | | | market. They're also a great resource for home |
| So, what's the difference between a loan officer and | | | | buyers entering the market for the first time. |