You can think of a mortgage broker as a middleman. Their job is to find the best mortgage for their home buyers by shopping around mortgage lenders to compare different types of mortgages, terms, rates, and conditions. The home buyer has the relationship with the mortgage broker. They give their mortgage broker all of their financials and requested documentation in order to qualify for a mortgage. Their mortgage broker helps them decide what they can qualify for and then, once an offer has been made, begins to shop around for the best deal from multiple mortgage lenders.

A mortgage lender is the person or institution who is actually lending the money and funding the home loan. In this instance, if a home buyer chooses a mortgage lender, they go through the same mortgage application process as with a mortgage broker, but the lender will be the one whom the home buyer also has their mortgage through if it is not sold after closing.

The main difference is found in the fees charged. Mortgage brokers earn their money off origination fees and are usually compensated by the mortgage lender. The mortgage lender usually charges an origination fee as well, and then if the lender services the mortgage, they of course get all of the interest from your home loan.

Lisa Marie Schwartz and the team at Fox Valley Mutual Mortgage do our best to always put the customer's needs first. When you call us for a consultation, we'll set up a time to meet or talk. We will ask you a lot of questions to get a feel of where you are at in the home buying process, what you are looking for, and how we can help. You may have a lot of questions, so we set aside as much time as you need to make sure we answer them. We understand that the mortgage process can be complicated, which is why we value our job as educators as much as mortgage brokers. We'll explain the steps in the process and what we need from you. For the most part, after we gather the needed documentation, we take over, aiming to create as hassle-free of a mortgage experience as possible for you.

If you are interested in partnering with our mortgage brokerage firm, give us a call today!