Raleigh - Cary Home Reviews & Market News!: Loan officers, bankers and brokers - how are they different?

Your Resource for Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Wake Forest & Surrounding Areas!

Loan officers, bankers and brokers - how are they different?

This is a great post about how Loan Officers, Bankers, and Brokers are different.  Many people don't understand the difference or even know there is a difference.

Below, you'll find it is spelled out in a clear to the point blog. Regardless of which direction you take, make sure you're using someone honest, up-front, knowledgeable, and with whom you feel comfortable. 

banker, broker, loan officer what is the differenceLending money and assembling a loan file to get money are two separate things.  People who assemble your loan file are all called "loan officers." You can hire and pay the loan officer at the bank or hire an independent loan officer (mortgage broker) to complete this task for you.

Example: Take your car to the dealer (bank) or to an independent mechanic (broker).

Banks lend their money and offer loan programs that they have.  Their loan officers do not shop various lenders and do not have the flexibility to go to a diffferent bank to get money if your loan is denied.  They offer their rates only.

Bankers are loan officers who work for mortgage companies that offer mortgage loan products only. Bankers can only offer their loan products and cannot shop your loan with other lenders unless they are also licensed as a mortgage broker.

Mortgage  brokers can go to just about any bank or mortgage company providing them flexibility to find the best terms. There is no guarantee that a broker will get you better terms than other loan officers, they just have more options. Brokers are required to meet federal and state licensing requirements in order to have the abllity to assemble (originate) a mortgage loan file.

Who has the best rates?  Brokers do.  Banks offer lower rates (wholesale rates) to the broker in an attempt to get their business. The cost of originating your loan is the difference.  Some banks show all of the fees but mainly banks will offer a higher rate with reduced fees.  To read more on this subject click here.

I am both a banker and a broker so there is no incentive for me to promote one over another.You can get great service or lousy service from any of the above.  It really depends on the individual loan officer, their company and how they handle their business.

 

 

FPF NMLS# 3257

eho

(888) 206-5781

Raleigh Cary Apex Realtor Carla Freund Realty

Presented by:

Carla Freund of Ask Realtor Carla

Carla Freund Realty Team

Keller Williams Preferred Realty

By Carla Freund Realty Team

Original Home of "Market In A Minute" Real Estate Report for Raleigh Cary CH & Durham Triangle

Carolina Life Real Estate and Relocation

 

Find Carla Freund Realty Team online:

   Ask Realtor Carla on Facebook    Ask Realtor Carla your Raleigh Cary Realtor on You Tube  Ask Realtor Carla your Raleigh Cary Realtor on Instagram  Ask Realtor Carla your Raleigh Cary Realtor on Twitter  

 

Created by Quinky - Freepik.com

Powered by RealBird.com

Contact Carla Freund, Broker, Keller Williams Preferred Realty,  Licensed Realtor® in North Carolina at 919-602-8489 to list your property for sale or to purchase a property in Cary, Raleigh, Morrisville, Apex, Fuquay-Varina, Garner, Holly Springs, Pittsboro, Durham, Chapel Hill, Johnston County, and the surrounding areas.

Now accepting referrals.**Not meant as a solicitation to individuals already working with a Professional Real Estate Agent.**

Disclaimer: The information provided herein is supplied by several sources and is subject to change without notice. The Raleigh - Cary Home Reviews Blog, Keller Williams and Carla Freund does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either expressed or implied. Entries on Raleigh - Cary Home Reviews represent the opinions and ideas of the author(s). Raleigh - Cary Home Reviews Blog does not express the views of Keller Williams, or those of the broker.

Logo for Carla Freund Realty

Ask Realtor Carla your Raleigh Cary Apex Realtor

Keller Williams Preferred Realty - Raleigh NC

 

How can International Buyer Find Homes in Raleigh, Cary, Durham, Chapel Hill and Triangle Areas?

International Real Estate Search Translated into other Languages and Currencies: 

 

Comment balloon 0 commentsCarla Freund • January 20 2011 08:47PM

Comments

This blog does not allow anonymous comments