When you want to purchase a property, you will likely need to take out a mortgage. There are three primary types of professionals who can assist you with this process: mortgage lenders, mortgage brokers, and bankers.
Mortgage lenders are financial institutions that lend money to individuals or businesses for the purpose of buying property. They typically have a wide range of mortgage products, and they lend money directly to borrowers. They may include banks, credit unions, or other financial institutions.
Mortgage brokers act as intermediaries between borrowers and lenders. They don't lend money directly, but they work with a variety of lenders to help borrowers find the best mortgage for their needs. They may be able to access a wider range of mortgage products and offer more competitive rates than lenders.
Bankers are typically employed by a financial institution to manage the mortgage application process. They may work for a lender or a broker, and their job is to help borrowers understand the mortgage process, gather necessary documentation, and assist with the application process.
While all three professionals can help you secure a mortgage, it's important to understand the differences between them and choose the one that best meets your needs.
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