Bank Loan Officer
Let’s start with the bank loan officer. This is a professional that is appointed by the bank and works in the mortgage (home loan) department. They will be the designated professional who you will sit down with and meet.
You will see a variation of them as you go to each and every financial institution in the area.
They are responsible for making sure you understand how the process works and will list out what you will receive with the loan (i.e. interest rate).
Their primary purpose is to cut a deal that works for the bank as that is who will be paying them.
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A mortgage broker is a professional that is working for you after being hired. They are going to go out and do the research on your behalf. They will speak with the network of connections.
They will reach out to bank loan officers.
They will do all of this work to make sure you get a good deal.
They are going to be paid commission through the institution that you eventually sign up with, so this becomes a no-brainer for you.
It is important to understand the mortgage broker needs to get you a good deal to earn something out of the deal. The same does not apply to a bank loan officer.
Right Option For You
So, who do you want to go to when it comes to your loan process? Or do you need a mortgage advice? You want to go to a mortgage broker as they are going to be on your side. Their goal is to get you a good rate as that is how they will make their commission. You never want to go to a bank loan officer as they are going to haggle you and leave with the better end of a deal.
It is always smarter to choose the broker to help you out moving forward.
Looking to make a choice is already difficult enough as you have to go through the details and see what is going to suit you, but it becomes even harder when you are unsure about which direction you are going in and how it is going to help you out.
When you are not even sure about what the professionals do, you will never make a sound decision.
This is why you should know a lot more now after going through this read and better recognize who will be of greater assistance in the long-run.