Mortgage Banker

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Definition of 'Mortgage Banker'

A mortgage banker is a financial institution that originates and services mortgage loans. Mortgage bankers are not banks, but they do work closely with banks to provide mortgage loans to consumers.

Mortgage bankers typically offer a wider variety of mortgage products than banks, and they may be able to offer more competitive rates. However, mortgage bankers may also have higher fees than banks.

Before you apply for a mortgage loan, it is important to compare rates and fees from multiple lenders, including mortgage bankers. You should also consider the reputation of the lender and the terms of the loan.

Here are some of the things to consider when choosing a mortgage banker:

* **Rates and fees:** Be sure to compare rates and fees from multiple lenders before you apply for a mortgage loan. Make sure you understand all of the fees associated with the loan, including origination fees, closing costs, and interest rates.
* **Reputation:** It is important to choose a mortgage banker with a good reputation. You can research the lender's reputation by reading online reviews or by talking to friends or family who have used the lender.
* **Terms of the loan:** Be sure to read the terms of the loan carefully before you sign. Make sure you understand the interest rate, the monthly payment, and the length of the loan.

If you have any questions about mortgage loans, you should talk to a qualified financial advisor.

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