A mortgage broker acts as an intermediary, connecting borrowers to various lenders, while direct lenders are banks or credit unions that fund loans with their own resources. Mortgage brokers assess borrowers' financial situations and shop for the best rates from multiple lenders, providing a wide selection of loan options. Direct lenders streamline the process by managing applications and loans themselves, offering less complexity. The choice between a broker and direct lender depends on individual needs for rates, efficiency, and personalized service.
A mortgage broker is an independent professional that connects borrowers with multiple lenders to secure the best mortgage options tailored to specific needs.
Direct lenders are banks or mortgage companies that provide loans using their own funds, handling all aspects of the loan process in-house.
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