A lender is a financial institution that makes direct loans. A broker does not lend money. You can use a broker to find different lenders or mortgage loans.. Quick answer A home loan advisor usually works for a single bank or retail lender and can only sell you that lender's products. A mortgage broker works independently and shops your loan across multiple wholesale lenders to find the best rate, program, and structure for your situation. For most borrowers, a broker delivers better pricing, more options, and a more tailored fit. For some, the.
The big difference between working with a mortgage broker vs. a loan officer comes at the beginning, during the shopping phase, where you're trying to find the best deal on a mortgage.. Loan officers work for a single lender like a bank or credit union, while a mortgage broker is independent and works with many different lenders and institutions.