Mortgage Brokers vs. Mortgage Bankers: Whats the Difference?
An important distinction to understand is the difference between a Mortgage Banker and a Mortgage Broker. Mortgage Bankers tend to be large, well-known, institutional mortgage lenders. The draw back with Mortgage Bankers is that when you apply for a loan with a Mortgage Banker, that Mortgage Banker only represents one source of funds, namely himself. By contrast, Mortgage Brokers typically represent several dozen “Wholesale Lenders”. As a result, a Mortgage Broker is usually in a much better position to shop the marketplace to find you the best loan for your particular situation. The mortgage broker that I recommend is Bob Hathorne at First Switzerland Mortgage. His telephone number is 773/744-5046.
