Mortgage Banker VS Mortgage Broker – Whats the Difference?
What a great question and one that many find very confusing. First of all let’s start at the beginning of a home loan. When you apply for a home loan the very first thing you are going to need is a lender. A financial lender is someone that is going to supply you with the financing of your home loan. Whether you go FHA, Conventional, VA or where I live in Texas, you can receive a Texas Vet loan, you are going to need financing…unless of course you pay cash, then you can skip this article altogether. WHAT HAPPENS? When you start your home loan process you could spend all day on the internet looking at rates, various mortgage “broker” companies and find that they are basically all the same. Whether you go the banker or broker route, you are going to supply either one of them with very personal information such as your credit report which they will run, your tax returns (if self employed), W-2’s, pay-stubs, bank statements, your driver’s license and your social security card. Many peopl