Mortgage Blog

Naples Mortgage Brokers

If you are applying for a home mortgage, you may be confused by the various terms that you hear. For example, mortgage banker, mortgage brokers and mortgage lender are terms that are common during the loan seeking process of a buying a home. As Naples mortgage brokers, we feel that a well educated consumer is our best customer. Therefore, we’d like to provide you an explanation of each of these terms and the benefits of working with each.

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Mortgage lender

In most states, when you see an advertisment for a mortgage lender, you will most likely see a designation in their advertising that looks like this: ML1234. This acronym means mortgage lender (ML) and the following number is typically their license number.

Working with a direct mortgage lender may help you speed up the loan process when you are seeking a home mortgage. However, it is important to note that this also means you are obligated to accept only those programs and rates offered by that specific lender. For example, not all mortgage lenders handle VA loans, jumbo loans or construction loans so if your needs include any of these types of loans, a mortgage lender may not be your best option.

Mortgage Banker

A mortgage banker typically works for a specific bank, credit union, mortgage company or institutional private investor. Their job is to follow up on leads that are provided to them by their employer and help the borrower obtain the documents required to apply for their mortgage. In most cases, the mortgage banker is following up on marketing leads that may be obtained from banking clients walk in requests, calling lists or calls made directly to the lender by a consumer.

Like a mortgage lender, a mortgage banker is typically tied to only those programs that are offered by their employer. For the consumer, this often means less choice in programs and in some cases, lack of programs for the consumer.

Mortgage broker

Nearly all states regulate mortgage brokers, including Florida. The role of the mortgage broker is to find the best lender based on the needs of the consumer. For example,  mortgage brokers understand that not all borrowers have the best credit and they can work with a mortgage lender that accepts applicants who have less than perfect credit. A borrower with perfect credit would be placed with a different lender with the best possible mortgage rates.

Naples mortgage brokers also have the ability to compare rates among lenders. For example, one lender may be offering a Naples construction loan at a rate of 5 percent while another may offer a loan with identical terms for 4.5 percent. Consumers who are working directly with a lender or mortgage banker may not be aware they can get the same loan for as much as one-half percent less.

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While working with a mortgage broker may not be right for all borrowers, we have the flexibility to find you the best possible loan for your individual circumstances. Working directly with a lender or a mortgage banker means you are tied to the programs of only one lender while the services with Core Mortgage Financial means you are working with a licensed broker who is committed to getting you the best possible terms for your mortgage loan.

Apply now or call us today and speak a loan originator at 239-514-2674 office.

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This blog is for informational purposes only. Explanations could be different as each lender and state have different licenses. Please contact your loan originator for more information. Things change daily in the mortgage industry, please contact us with any questions. NMLS #1743702

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