There are 2 main ways of getting a mortgage, through a bank or through a mortgage company. To help with getting a mortgage you will use a loan officer or a mortgage broker.

The main difference between a loan officer and a mortgage broker is that the loan officer works for the bank or mortgage company that is offering the mortgage and the mortgage broker is independent. They may use a number of different companies to arrange a mortgage with and there fore give you the borrower more choice.

One of the main advantages of having a broker arrange your mortgage for you is that they do have a wider choice of products and companies to choose from. On the other hand you need to be aware that the mortgage broker is paid from the closing fee made on the mortgage.

So if you have a poor credit history most banks will not give you a mortgage. The mortgage broker on the other hand can search around all the companies he deals with to find a company that offers bad-credit mortgage loans. He may even be able to find a choice of offers for you and you can pick the best deal for your circumstances.

It may be faster getting your mortgage through a bank or credit union but you may not always get the best deal. The mortgage broker should be able to get you a better deal on your mortgage, although it may take longer to arrange because he is acting as the middleman between you the borrower and the mortgage company, the lender. It can be time-consuming to resolve mortgage matters between these two entities because of all the paperwork involved and the financial checks needed.

While the mortgage broker can help with filling in the applications and details it is up to the borrower to check and submit correct information so that they do not get into financial difficulties later on.

While buying a home is one of the most stressful things you can do, it is also usually a sound financial investment. However it is always best to get good and sound financial advice from an independent financial advisor, someone who is familiar with property or an independent mortgage broker.