DO YOU WANT A MORTGAGE BROKER OR A LOAN OFFICER?

MORTGAGE BROKERS WORK FOR YOU

and 

LOAN OFFICERS WORK FOR THE BANK

The Mortgage Industry is so confusing.  There are SO MANY Players all promising YOU ‘INSAINLY LOW RATES” Are YOU’RE CONFUSED on how to proceed?

Let’s start with a basic principle….

MORTGAGE BROKERS WORK FOR YOU and LOAN OFFICERS WORK FOR THE BANK

Let me explain.  A Mortgage Broker is just that, A BROKER.  He works by bringing YOU the Borrower together with a Bank or Credit Union that will give you the money to buy or refinance your home.  A Mortgage Broker works for YOU and ONLY gets paid when YOUR SUCCESSFUL and Your loan closes.  A Mortgage Broker Like YOU, has “SKIN IN THE GAME”A Mortgage Broker wants YOU to get the best interest rate possible.  If your situation is a little unusual (and Who’s isn’t) the Mortgage Broker can shop your loan to a bank that writes loans for people like YOU I’ll Personally vette your loan to over 30 banks to get you the lowest possible rate for YOUR Unique Situation.

A Loan Officer works for the Bank.  They are employees of the bankThey can only offer the rates, terms and programs THEIR BANK offersThose that produce the Highest Return to the Bank and most pleasing to Their Boss.  After all, they do want a raise at review time.  Unlike a Mortgage Broker a loan officer gets paid regardless if YOUR Loan closes or not.  In addition to their salary both the loan officer and their manager get a commission on every loan they close. 

When you're a loan officer it’s a NUMBERS GAME!.

The more loans they close, the more they make.  If YOUR LOAN has a speed bump, you could be pushed to the bottom of the pile or worse yet rejected outright.  Banks like Guaranteed Rate, Quicken Loans, Chase, Wells Fargo, Bank of America have LOTS OF FISH swimming into their nets every day.  If you’re a little damaged, it’s not a big deal to pitch you overboard.

Want to know YOUR Loan options are for YOUR UNIQUE POSITION?

Give WAYNE a Call 708.966.9005

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