referral: Lender vs. Mortgage Broker - the DIFFERENCE - 11/19/08 01:01 PM
Attention: Buyers and Borrowers There IS A DIFFERENCE!A lender is a specific lending institution, often times a bank, that lends their OWN money. When they pre-qualify you they are using the actual, real time standards that institution has in place. A pre-qualification means something. An approval means something. It means the person that has the money has agreed to give it to you.A mortgage BROKER does not have any money to lend. A pre-qualification means that they THINK they can get a loan for you SOMEWHERE. The approval from the actual lender will generally come at the very last moment, and … (1 comments)