Mortgage Broker vs. Mortgage Lender

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There are many options for getting a mortgage today.  You can still go the route of a traditional bank.  There are many independent options available for getting a mortgage.  A common question is what is a mortgage broker?

A mortgage broker is a company that aligns with various lenders to find the best rate, program, cost & process for your mortgage.  Since they have the flexibility of pivoting from one lender to another it usually results in the consumer obtaining a better overall deal.  It also leads to a much better process.  If one lender gets bogged down with applications then an independent mortgage broker can shift to another lender that may have less of a wait on turn times.

A mortgage lender is a company that lends their own money.  They have one set of programs without variation.  They have one set of rates and costs.  If they get bogged down with loan applications then turn times simply get extended.  There is a lot less flexibility in this realm than in the realm of the mortgage broker.

If you're shopping for a mortgage your best bet is get in touch with a mortgage broker and see what they can do for you.