A mortgage is, quite simply, a specific loan for a specific purpose, and in this case, a mortgage is a loan one gets when buying a house, condo, or another type of real estate. As the buyer, you are a borrower, and the mortgage comes from the lender.
Where do I go to get a mortgage?
When looking for a mortgage, you have two choices. You can either go with a mortgage banker or you can use a mortgage broker. The difference between the two is quite simple. A mortgage banker, who may also be referred to as a loan officer, is someone who works specifically for an organization that makes and services mortgage loans, whether it’s a bank or credit union, or a mortgage-specific company such as Quicken Loans. A mortgage broker on the other hand is some who arranges a mortgage loan between you, the borrower, and the lender; usually, a fee is involved when you use a mortgage broker, but a mortgage banker does not have one.