When you're shopping for a home loan, you may wonder about using a mortgage broker versus a loan officer. While both ask the same questions about your financial situation and help you fill out a loan application, their roles are different. A loan officer offers mortgage options only from the financial institution they work for, while a mortgage broker acts as a matchmaker between you and a number of different mortgage lenders.
The term "broker" refers to someone who negotiates on someone else's behalf. A mortgage broker works with many lenders to find you loan programs with the best rates, terms and lowest closing costs for your situation, but the broker doesn't actually lend you money.
A loan officer (LO) is usually an employee of an institutional bank, credit union or mortgage lender. They review financial documents and can recommend a loan for preapproval to an underwriter who works for a mortgage bank or lender.
First Choice Financial is a Mortgage Broker and will shop the best deals and rates from our several lenders that we have partnered with. If you are wanting the best rates with the easiest closing, let First Choice Financial get to work for you and find the ideal lender for your situation.