About Brokers & Lenders
Mortgage Banker: On Q Financial is a Mortgage Banker with more capabilities than a Mortgage Broker. Mortgage Bankers are specialists in all aspects of loan origination and mortgage services. Unlike a Mortgage Broker, a Mortgage Banker has unlimited flexibility to shop the entire lender market. This can provide significant pricing advantages over banks. In addition, Mortgage Bankers are authorized to underwrite, draw documents, and fund mortgages themselves. They use their own funds, or funds borrowed from a warehouse lender, to fund said mortgages. These in-house capabilities virtually guarantee quick and accurate closings for our customers. Click here for more information.
Traditional Bank: The traditional Bank usually is a generalist offering many financial products and services. One of those product options is mortgage financing. Therefore, banks usually offer a very defined range of interest rates and costs, and a limited range of mortgage options for the home loan needs of their customers.
Mortgage Broker: A Mortgage Broker specializes in offering the mortgage services of other mortgage direct lenders. Their pricing can be competitive, because each Mortgage Broker has access to a wide variety of interest rate and approval options. However, a Mortgage Broker gathers paperwork from a borrower and must depend on other lenders to underwrite, draw the necessary documents, and fund their loans. This can significantly limit their flexibility and control of the transaction. In cases where quick document turnaround is required or when the occasional mistake is made, a Mortgage Broker must depend on others to meet the targeted deadline.
