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Mortgage Broker VS Lender: what is the difference?
What’s the Difference between a Mortgage Lender vs a Mortgage Broker?
A mortgage lender lends money, while a mortgage broker finds money.
What Does a Mortgage Lender Do?
Unlike your local mortgage broker, a mortgage lender lends you money. This could be a bank, a credit union or a private mortgage lender. You’ll have to fill out a mortgage application with them.This can be a stressful process, but in the end you’ll either get the financing that you need to buy a home or you won’t.
What Does a Mortgage Broker Do?
A mortgage broker is your intermediary between you and the mortgage lender. They’ll be able to help you look at what’s wrong and what’s right and answer any questions that you may have durng the application process.
Depending on what kind of circumstances you have, you’ll need to go about the mortgage process a specific way. If you’re a Canadian with bad credit for example you may want to talk with a mortgage broker to see if there are credit repair procedures that you can do to get a better result. If you’re someone with a great credit score you may want to talk with a private mortgage lender to see if you can get better terms. Just because you have good credit doesn’t mean you’ll want to go with a conventional mortgage lender. It’s all about what your situation is and what you need for your case. Talk with a mortgage broker today and see what is right for you.