What is a Mortgage Banker, Anyway?

May 16, 2014 Marc Edelstein Uncategorized 0 Comments

What is a Mortgage Banker, Anyway?People sometimes ask me what it means that I am a mortgage banker. They think “banker” and think “guy who helps with my checking account,” but a mortgage banker is really the “guy who helps me get the best mortgage. Ever.”

In all seriousness, a mortgage banker is simply someone who works for a mortgage bank. And a mortgage bank is simply an institution which writes mortgages. So, a mortgage banker is someone who can get you a mortgage based upon the rates and terms at the mortgage bank.

So now you ask, “why should I use a mortgage bank?” And the answer is that mortgage banks get the best rates. By writing the loans in house, we do not need to inflate rates to pay our staff as a mortgage broker does. And because this is all we do, we can be more competitive than larger banking institutions, which focus on things like investments, retail banking, and business banking.

Think of it this way: if you had cancer would you rather go to an oncologist or an internist? Both can help you, but an oncologist specializes in the study of cancer; an internist is a generalist. Similarly, a mortgage bank specializes in mortgage based products, whereas a normal bank is more the financial services generalist.

So if you are thinking about buying a new home or refinancing your existing mortgage, contact me and I will help you through the process. And if you have anything to add about what a mortgage banker is, please leave a comment.

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