"The LORD will perfect that which concerneth me": Ps. 138:8

Part One

Author: Miriam E. Perez, Sr. Loan Consultant
Washington Mutual Home Loan Center - JDC
894 Fulton Street, between Fulton Street & Washington Avenue
Brooklyn, NY 11238
(718) 398-5307 Phone
(718) 398-5319 or (718) 398-5320 Fax
E-Mail Address: Miriam.Perez@wamu.net
Website: www.wamuloans.com/miriam.perez

Being a musician is truly a gift from God and gifted musicians have enhanced many services. To reach the level which you have achieved certainly took both commitment and discipline. Money management is also something that will take both commitment and discipline. Whatever amount you received for your service the following rule should be applied.

What is the bank mortgage loan officer's role in home ownership (please advise between the difference in mortgage brokers and bank officers).

In a nut shell, a loan officer represents one specific bank and all of its products and services. A mortgage broker can represent several different banks and all of their products and services.

A Mortgage Broker is like a Loan Finder. For a fee, (average is 3 percent of the loan amount and can be much higher depending on the situation), the mortgage broker will take all of your info and details of your transaction and shop it around through different banks or investors to try to get you the best deal. Usually brokers will have access to investors that have more liberal lending practices than the banks, which are federally regulated and sometimes can get you a deal that most banks cannot offer, however, you will pay a premium.

Most banks now offer well over a hundred different loan products that can satisfy most borrower’s needs so I highly recommend you start with an experienced loan consultant at a major bank first before you go through a mortgage broker. If you have decent credit, some savings and a stable work history, a bank might be best for you and also less expensive.