Mortgage banker vs. Mortgage broker: how to choose

  • Both mortgage bankers and mortgage brokers can offer you a loan, but the difference is who they work for.
  • A mortgage broker works with many different lenders, which can help you when looking for different options and lower rates.
  • A mortgage banker works for a financial institution that makes loans directly to you, which can help you close faster.
  • Read more Personal Finance Insider stories.

When you buy a home, you’ll interact with a wide range of industry professionals every step of the way. When it comes to financing, you’ll likely be faced with the choice of working with a mortgage banker or mortgage broker. While each ultimately helps you get the same thing (a home loan), there are key differences between them that can affect you and your money.

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