Mortgage Brokers vs. Mortgage Bankers

 A mortgage banker is a direct lender, one who actually loans his own money. A mortgage broker is one who goes to different sources to obtain the most competitive rates, including both the mortgage bankers' wholesale departments and private investors.

Mortgage bankers are usually much more limited in the types of programs they offer, but they might have one particular program that fits you best and offers you the best rate, so you should always check them out. But quite often mortgage brokers can be more competitive on the mortgage banker's own products because the broker obtains them through the banker's wholesale department! Always check with a mortgage broker to see if they can match or beat a mortgage banker's product. The only downside to the mortgage broker is that sometimes it takes longer to process the loan because they paperwork has to go through two sets of hands. But with some advance planning the mortgage broker may be able to get you the better rate and it may be worth some inconvenience.

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