Isn’t A Bank’s Loan Officer the same as a Mortgage Broker?
A bank’s loan officer and a mortgage broker have similar titles and both work with mortgages; this leads to some confusion about whether or not the two are one in the same. But the truth is that beyond those two similarities, these two couldn’t be more different.
Bank loan officers, sometimes also called mortgage bankers, work for one bank and have one thing in mind at all times: how to make as much money as possible for the bank. Loan officers aren’t there to give you a good rate or help you get the best mortgage, there’s there to make the bank money. And it’s even worse if you’re a long-term customer, then the bank just sees you as a sure thing and an easy mark. Long-term customers of bank often swear by them, stick by them, and have absolutely no interest in looking for a good deal. This is because customers often mistakenly assume that they’re getting the best deal at their bank, simply because they’ve been there for so long. Loan officers know this, making them see dollar signs when a long-time customer walks through the door.
In addition to that, a bank’s loan officer only has a few mortgage packages at their disposal – they are those that the bank offers. Because they are only promoting one product for one company, you won’t have nearly as many choices as when you choose a mortgage broker.
Instead of working only with one bank, when working with a mortgage broker you get to shop around on the open market, infinitely increasing your odds of finding the best terms and loan. Mortgage brokers have strong working relationship with key people at banks across the country and know who to talk to and who to talk around at major lenders. They’re expertise is in fighting hard for their clients and getting them the best terms possible. And those lenders are many too! Instead of just promoting one lender’s packages and products, mortgage brokers have access to hundreds of lenders, and thousands of mortgage packages!
And don’t think that the mortgage broker is just going to hand you over thousands of package options and let you sort through which one is best for you. A broker will whittle down your options to the top few that are right for you; and then they’ll sit down with you, explain those options and help you come to a knowledgeable and informed decision about which mortgage package is ultimately right for you.
In essence, there’s one huge difference when it comes to mortgage brokers and bank loan officers: a mortgage broker works for you, not a bank. A mortgage broker sits down and talks with you, seeing a person and not dollar signs, and helps you determine what kind of mortgage or other loan will best fit you and your needs. While both deal with mortgages, only one cares about your needs and only one represents your interests.
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