Oklahoma City Mortgage Blog

Mortgage Broker vs. Loan Officer

When you're looking to get a mortgage loan, you may work with a loan officer or you may choose to work with a mortgage broker. People often confuse the two job types even though both will glean the same results: a new home. However, it is important to understand the difference between the two types of jobs so you know what to expect from them during the mortgage application process.

A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan.

Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.

A loan officer is a representative of a lending institution, such as a bank, who works to sell and process mortgages and other loans originated by their employer. They often have a wide variety of loans types to draw from, but all originate from that specific lender.

Also known as a loan representative or account executive, loan officers represent the borrower to the lending institution and will guide him or her through the selection, processing and closing of mortgage loan. Loan officers can be paid a commission or salary for their services.

Good morning all.  In honor of Hump Day I decided to post a little bit of fun trivia for you.  It looks like we have a busy day ahead of us!

• Today is National Girls and Women in Sports Day
• Today is Leadership Success Day
• Today is Wave All Your Fingers at Your Neighbors Day
• Today is Send a Card to a Friend Day
• Today is National Fettuccini Alfredo Day

And now the highlights of February 7th through the years.  For all you guys out there it looks like 1985 was a big year!

1940: Walt Disney's cartoon movie "Pinocchio" premiered at the Center Theatre in New York City.

1959: Over a thousand mourners attended 22-year-old Buddy Holly's funeral at the Tabernacle Baptist Church in Lubbock, Texas. Holly's pregnant wife Maria Elena, who miscarried shortly after her husband's death, did not attend.

1964: Pan Am Flight 101 arrived in New York City bringing the Beatles for their first American tour. Some 10,000 fans were waiting at Kennedy airport. Baskin-Robbins introduced a new ice cream flavor called Beatle-Nut.

1971: Women in Switzerland finally won the right to vote.

1979: Burglars blew a safe in Bielefeld, Germany, and the whole building collapsed around them. It seems the safe was filled with dynamite.

1985: Sports Illustrated published the largest edition in the magazine's history at 218 pages -- its annual swimsuit edition.

2001: Doctors said a man in Kirov, Russia, survived an eight-story fall off a balcony because he was so drunk. Snow also softened the blow, but the man still broke five ribs and doctors said the fact he was so relaxed probably saved his life.

If you're looking for ideas for your next home improvement project, consider paying a visit to the 2007 Oklahoma City Home and Garden Expo at the Cox Business Center in downtown OKC.  Every year hundreds of area busineses showcase their products and offer free advice.  Learn more about the Expo here: http://www.okchomeandgardenexpo.com/

Expo hours are as follows:
Friday, February 23        Noon - 8 pm
Saturday, February 24    10am - 8pm
Sunday, February 25      10am - 6pm

I'm sure many of you have repairs you would like to make to your home but you're just not sure how to pay for it.  Did you know you can get a home equity loan to finance your remodeling or other home improvement projects?

You can choose from either a fixed or adjustable rate loan that’s secured by the equity in your home.  With a home equity loan, you borrow a lump sum of money to be paid back monthly over a set time frame, much like your first mortgage.  One thing many people don’t know is the terms home equity loan and second mortgage are often used interchangeably.

The process for a home equity loan is similar to your first mortgage.  The closing costs (often 2-3 percent of the loan amount) are usually lower and, although the interest rate is higher on a home equity loan, the interest paid is tax deductible. 

Getting a home equity loan is a great way to make April 2008 a better month far in advance!