Erie Federal Credit Union

Home Buyer Guide

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WHAT'S WHAT? L O A N O F F I C E R S V S . M O R T G A G E B R O K E R S I you've started researching the home-buying process, you've probably heard the terms "loan o–cer" and "mortgage broker." These proessionals play similar roles, but are undamentally di erent: • A LOAN OFFICER is an individual who works directly or a bank or credit union and o ers loans rom the inancial institution that employs them. • A MORTGAGE BROKER is not associated with a particular bank or credit union. Instead, they research loans rom a number o di erent sources and enter into mortgage contracts with various lenders.

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