General
What is a mortgage broker and how is it different from a bank?
Context
Many borrowers assume a mortgage broker and a bank loan officer do the same job.
The short answer
A mortgage broker is a licensed intermediary between borrowers and lenders. A bank quotes from its own rate sheet. A broker like Davis Monroe Financial submits your file to several wholesale lenders and compares what each returns, so you see more than one lender's pricing on the same application.
Things to keep in mind
A broker does not fund loans itself; the lender you are matched with makes the credit decision. You still work with one point of contact at DMF while getting access to multiple lender options.
Next step
Talk to DMF to see which lenders in our network fit your situation.
Have a question about your own situation?
DMF serves Minnesota homebuyers and homeowners. We submit your purchase or refinance file to multiple wholesale lenders and compare what each one offers, so your pricing is not limited to one lender's rate sheet.
Davis Monroe Financial, LLC is a mortgage broker, not a lender. We do not make credit decisions or fund loans. Rate locks are issued by the lender; we submit and manage lock requests on your behalf. All loans are subject to credit approval. Rates and terms are subject to change without notice.