Difference Between a Loan Officer And a Finance Broker Loans by WebEditor - 2018-06-112021-03-220 Looking for a home loan is not like buying your favorite shirt or watch. You have to consider various important parameters like financial situation, lending criteria, and interest rates on home loans, processing fee, the principal amount being disbursed, and monthly installment and so on. You have to make an informed choice on home loan products before you sign on the dotted lines. So, despite being experience, most consumers will realize that finding a suitable housing loan will riddle with complexities. Relax! If you’re worried about the jargons associated with a loan package, you can consult an expert finance broker, visit online – talk to customer service or chat online and clear of your clouds before you zero in on a particular loan provider. However, don’t get confused between loan office and a finance broker while handing over your concerns about housing finance to them. If you have a doubt lets we will clear the cloud right away for you. Loan officer When you take a home directly through a lender such as bank, finance company, credit union, etc. you will probably be dealing with a “loans office” that will identify which of the lender’s portfolio of customized loan products will match your needs and reduce the hassle of searching the entire market for suitable housing finance. Loan officer hired through lenders will give a full knowledge of your home product. They’ll guide you through fixed or variable product. Terms and conditions, Assists you in calculating monthly installments, etc. Finance Broker Finance broker will help you to understand the various credit policies and lending requirements for different lenders since they deal with them on a regular basis. When you wish to search for a home product, you may seek the assistance of experienced and qualified finance broker that will help you save time in shopping around. Along with this, they’re willing to help you compare different interest rates and products undergo one go. Let’s compare a finance broker and loan officer Finance brokers know the interest rates and lending criteria of different lenders and can negotiate on your behalf Home officer knows the total intricacies of a particular lender and won’t be in a negotiating position for you. Finance brokers will work with you to get a pre-approved home loan. A loan officer will assist you with terms and conditions, policies, documentation, and finally forwarding your file ahead of a particular lender. One of the most suitable and a smart medium adopted by many youngsters across India is comparing products online. There are a lot of aggregator sites who let you compare product in terms of benefits and features, interest rates, loan eligibility, processing fee and other parameters. Once you’re done with the comparison you can attach a scanned copy of the document and submit online. Within few days’ lenders will SMS or send an email about the status of your home loan application. Based on your conversation the loan amount will be disbursed directly to the builder or your bank account. You can make payment of your monthly installment online as well. Home Loan online is one of the most convenient and hassle-free options for millions who wish to turn their dream of owning the house into reality. Right from the cozy corners of your office or existing house you can apply for your dream abode!