I would be happy to answer any questions you may have. We are a local mortgage broker who has been serving the Chicago land area for 20 years and are an A+ member of the Better Business Bureau.
Feel free to reach me at your convenience.
Senior Loan Originator
NMLS # 218890
Prestige Mortgage Corporation
a) Mortgage Broker - They will search multiple lenders they are signed up with to find you the best deal. As a broker they do not underwrite, or fund the loan. The loan closes in the end lenders name. They are at the turn times and procedures of the end lender they are sending the loan to.
b) Mortgage Banker - They also search multiple lenders they are signed up with but can both underwrite and fund the loan with their own funds. This means the company that the loan officer is working for will be underwriting and fundiong the loan.
c) Bank or Credit Union - Generally limited to the loan programs that the bank or credit union offer. They do underwrite and fund the loans like a mortgage banker would.
I have limited the benefeits and drawbacks as it would take up to much space. I have been in the business for 20 years and have always preferred the Mortgage Banking model.
to try to get the best deal they can. If you use just one you may be paying a lot of junk fee's that sometimes lenders package into their loans.
Get a good faith estimate. It gives you a breakdown of fee's. If you have one from each lender you
can put these up against each other and really see who in the end is really giving a good loan.