As you prepare to purchase a home, you may find yourself working with many real estate professionals to help you seal the deal.
Researching mortgage loan options, you’ll find the terms mortgage broker and mortgage banker come up frequently. Understanding these terms can help you get a better grasp on your financial needs and help you figure out which professional is best suited to aid in your homebuying experience.
What is a mortgage banker?
Mortgage bankers are employed under a single lender to provide loan products and work with clients to find the best mortgage solutions, as well as help clients apply for loans. They also gather borrower financial data and run checks to see if clients qualify for their lenders loan products.
What’s the difference between a mortgage banker & a mortgage broker?
If you’ve heard of a mortgage banker, then you may have also heard of a mortgage broker. Even though the two terms seem similar, there are differences between the two professions.
Whereas a mortgage banker works for a singular financial institution, a mortgage broker partners with multiple lenders to offer clients a wide range of financial options. A mortgage broker acts as a bridge between the loan borrower and lenders. Once the borrower is approved for the loan, the broker has completed their role in the transaction.
Do mortgage bankers make commissions?
Mortgage bankers are typically paid from salary and may make a small percentage of commission (1-2 percent) from the loan agreement.
Whether you decide to partner with a mortgage banker or broker, having professional guidance can help you understand loan terms and figure out the best solution for your home financing.
About the Author
Meghan Riley Bowling
Hi, I'm Meghan Riley Bowling!
As one of Atlanta's top real estate agents and Atlanta Board of Realtors Lifetime 'Top Producer', I bring over 19 years of experience as both a Realtor and a licensed interior designer to the table. My extensive background uniquely positions me to be your best advocate in today’s dynamic market. I have a keen eye for a home's true potential and the expertise to navigate every twist and turn of the transaction process.
I understand what it takes to sell homes quickly and know how to create spaces that feel open, fresh, and inviting. For buyers, I excel at helping you envision the potential of a property, helping you find the perfect home to meet your needs.
With a commitment to excellence, I am your best source in real estate, offering dedicated service, strong negotiation skills, and deep market knowledge. I am your greatest asset to help achieve your goals!
