What is a Mortgage Banker vs. Broker?
GuardHill is a mortgage banker. A mortgage banker is a direct lender whose sole expertise is mortgages. A mortgage broker is a third party that arranges mortgage financing with lenders. A retail bank is a bank who sells financial services; their main focus is not on mortgages.
Difference Between a Mortgage Banker, Mortgage Broker and a Retail Bank
What is a Mortgage Banker?
- Has multiple lenders to choose from
- Has the ability to offer flexible and competitive pricing due to a variety of lenders they can work with
- Can approve and close loans with their own funds
- Is a mortgage specialist who only focuses on originating and closing mortgages
- Has control of the loan process
- May lack a national brand name
What is a Mortgage Broker?
- Has multiple lenders to choose from with varying loan programs
- Does not underwrite the loan
- Cannot provide flexible programs to the borrower
- Does not have control over the loan process
What is a Retail Bank?
- Their main focus is not on mortgages
- Access to only one set of guidelines. If the bank cannot secure the loan or offer a good rate, then the bank does not have any other option. The client will have to re-apply for a mortgage with another bank or lending institution.
Why GuardHill is one of the Best Mortgage Lenders
- GuardHill is a mortgage banker and broker
- We work with over 50 investors and lenders which ensures that we will find the best mortgage for you
- In-house underwriting and closing teams that work swiftly and efficiently
- We provide 24-hour pre-approvals
Choosing a mortgage lender that will work hard to understand your financial needs and find you the best mortgage is just as important as finding the perfect home. As a mortgage banker and mortgage broker, GuardHill offers the lowest interest rates matched with the highest level of customer service because we only do mortgages.