Gresham locals looking to buy a home for the first time may feel overwhelmed by the demands of the homebuying process. Buying a home is a huge responsibility and a big step towards future stability. Stonebridge Mortgage Group is here to help Gresham homeowners understand the nuances of the homebuying process. For example, Stonebridge Mortgage Group can help Gresham home buyers understand the difference between loan officers and mortgage brokers.
A loan officer works directly for a bank or other lender. Therefore, a loan officer is often most concerned with the best interests of their employer. A loan officer is not required to have a license to work in the mortgage industry.
A mortgage broker, on the other hand, must be licensed. Mortgage brokers act as the “middle man” between the home buyer and the lender. Mortgage brokers are recommended for Gresham homebuyers with poor credit or those wanting to negotiate the best terms on their loan. Because mortgage brokers do not get paid unless they close on a mortgage, they will work diligently to provide the borrower with a satisfactory loan.
Should You Choose A Loan Officer Or A Mortgage Broker?
Both have benefits. For example, when working with a loan officer there is no “middle man.” This often results in a speedier loan process because documents do not have to pass through an extra source. For Gresham home buyers who prefer a faster loan process, this may be the better choice. On the other hand, mortgage brokers can provide more mortgage options for borrowers because they are not tied to a single lender. Gresham home buyers who want to have more options would benefit from this.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
For professional mortgage services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the entire home buying process. We help you with the pre-approval process and assist with real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get into your new home!