Mortgage Broker vs Mortgage Bankers & the 11 steps

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Real Estate

Mortgage Brokers vs. Mortgage Bankers

What's the difference?

Benefits of Brokers: Brokers work individually with borrowers. The broker is independent and searches for a loan based on his customer’s needs, not his employer’s needs. A broker matches clients with lenders then walks the paperwork through final approval and funding. Brokers’ fees are paid by the lender, so they are of no consequence to the buyer.

Benefits of Bankers: Mortgage bankers are direct lenders; working with them eliminates the middleman. Mortgage bankers themselves approve or reject loans and may prove more expeditious. Mortgage bankers must have substantial net worth if they are to survive. Because they are competing with both other bankers and brokers.

11 steps to buying a home in Washington State:
Start saving money to cover your expenses.
Establish a monthly housing budget.
Review your credit reports and scores.
Determine which type of home loan meets your needs.
Shop for a loan and get pre-approved.
Find an experienced real estate agent. 
Start looking for a suitable home.
Make a purchase offer and negotiate as needed.
Get a home inspection.
Secure a homeowner’s insurance policy.
Close the deal and get your keys!