Question:

What is the advantage of a mortgage lender bank vs a mortgage broker?

Answer:

A mortgage lender bank may be a local bank, or an online bank, or a bank that is situated just across the U.S. A mortgage lender bank will have their own proprietary products that they will be selling to customers.

In comparison, a mortgage broker is an intermediary between mortgage lenders and borrowers. A mortgage broker has access to hundreds of loans and is in position to quickly match you with the most appropriate lender bank and home loan type.

When should I choose a mortgage lender bank over a mortgage broker?

Sometimes, you don't need a mortgage broker to find a good loan yourself. Rather, you could shop online and find the right loan yourself.

However, if you are a subprime borrower or you need specific loan type, a mortgage broker is your best shot. Also, sometimes a broker will locate a lender in your area instead of a few states away. Working with a local mortgage lender bank has a lot of advantages.

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Common misspellings: mortage and morgage