What is the difference between a broker, a lender and a bank when it comes to our mortgage?

Each one can offer you a mortgage. However, with regard to service and price there can be a big difference. Banks often have limited hours, locations and loan products. Brokers and Lenders tend to have more convenient locations and time, and they usually have access to a large variety of mortgages.

At a Congressional hearing of the Community Opportunity Subcommittee on March 27, Tom Lamalfa introduced information to the committee showing brokers and lenders can save the consumer 50% of what the average bank or retail lender would charge. Competition among brokers, lenders, and banks has driven rates and cost down. As of the meeting in March, 50% of the mortgages done today are done by brokers.

To learn more about how mortgage brokers can save you money, see our Mortgage Broker page. 

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