Benefits of Mortgage Brokers in Home Loans
The main distinction between the two types of lenders such as 1) Mortgage Broker - they stem loans with the intent of selling them to wholesale lending institutions; 2) Mortgage Banker - they are lenders that are big enough to originate loans plus package pools of loans that they then sell to one of the huge three loaning institutions - Fannie Mae, Ginnie Mae, or Freddie Mac, and also jumbo loan investors. The broker gets a lower rate from the lender and then the broker will add onto that rate his fee. A benefit of using a mortgage broker is that some of the most highly qualified loan officers in the organisation work for mortgage brokers.
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