What are the differences between a mortgage broker and a lender?

Mortgage brokers and lenders are both involved in the mortgage process in New York, but there are certain differences between the two. A mortgage broker is an intermediary between borrowers and lenders. They work with several different lenders and are able to research different loan programs to find a lender that meets the borrower’s needs. Mortgage brokers can also help borrowers with paperwork and the loan application process. A lender, on the other hand, is the actual party that provides the mortgage loan. Lenders are typically banks, credit unions, or other financial institutions. They are the ones that set loan terms, such as the interest rate and length of the loan, and they are the ones that will process and approve the loan if the borrower meets the criteria they’ve set. In short, a mortgage broker acts as a middleman between the borrower and lender, helping the borrower to find the best loan program that works for their needs. A lender is the party that actually provides the loan and sets the terms and conditions.

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