There are two terms in leading sector, one is the mortgage broker and the other is the loan officer. They are individuals but work in the mortgage industry. The main difference between them is they are paid differently. Commercial real estate loan brokers do the maximum of the massive works for you by offering you a lender and suitable loan options. For their efforts, they get paid a percentage of the total financial value. On the other hand, loan officers work for a lending company like a bank or any other private lending company. They are paid for the write loans for their organization.
Mortgage brokers never work for only one institution. Their process is to start a relationship with many lending agencies and after that try to find the best loan according to your requirements. A broker does not lend you every month; they find someone for you who will lend you according to your needs. The broker will give you some ideas and make you understand about your present financial condition and also suggest you the perfect loan option. At last, they will find out your credit according to your application process.
Your broker will find out your credit score and search to different lenders as well as loan options to give the best choice. They are the best options for those who have a low credit score because the broker can help you to find out those lenders who offer the loan with low credit score clients. Brokers normally work with you and the lender follow the whole debt process, and after completing all process, the broker usually paid a decided percentage by the lender. If you want to work with a broker, you should try someone a friend or a family member who has experience in the lending sector or who have some references. If you can find a broker, then you should ask him/her some questions, and the main questions are experience, license.
On the other side, a loan officer is a someone who works for a lending institution or company. They are also known as a mortgage banker, mortgage planner, home loan consultant and much more. They work for a certain organization and make it sure that their loans go to the perfect debtor according to the rules of their organization. Just like a mortgage broker, debt offices are going to have you fill out an application and pull your credit report to get some knowledge about your financial condition. After doing this works, the loan office will recommend the appropriate loan program for you which can fulfill your and company's all needs.
You should keep in mind that, a mortgage broker need to have good knowledge regarding different type of loan programs, but on the other hand a loan officer only has to specialize in individual programs from the company he or she works. By using a loan officer, you will get some great options of the loan than when working with a mortgage broker. The best option is to always do some of your research work, after that you should come to the table as an educated debtor. Also, you can take help from any lending organization to get some idea.
