When it comes to getting approval for a home mortgage loan, borrowers can either work with a mortgage broker or the bank. Either option will take you one step closer to becoming a homeowner, or to getting a second home mortgage, but they involve very different processes and result in different mortgage terms.

Here are four things to consider before you decide to work with a mortgage broker or a bank :

Customer Service. Getting approved for a mortgage can be a stressful process, one that’s almost impossible to navigate alone. So it’s imperative that you partner with someone who can provide top-notch customer service while drawing on deep experience in the mortgage industry to fully explain all of your options. A mortgage broker has only one job, and that’s to get you approved for a mortgage loan. Because of this, a broker will do whatever it takes—even if it means working around the clock—to help you achieve that goal. Also, since brokers are mortgage industry specialists with a dedicated mission, it’s unlikely that they’ll attempt to upsell you on things you don’t want or need.

Although some banks have a department that strictly handles mortgages, more often than not, banks both large and small depend on managerial staff to work with borrowers. Since these staff members aren’t necessarily mortgage specialists, they are more likely to try to convince you to sign up for promotions or open a checking or savings account.

Experience and Expertise. To reiterate, it’s essential that you work with someone who knows the mortgage industry inside and out. Buying a home and determining how you’ll be able to afford it can be an overwhelming process, but if you have someone with years of experience and expertise on your side, it becomes much more manageable.

Due to changes included in the Dodd-Frank financial reform law, the mortgage broker industry is heavily regulated, and all brokers must go through an extensive licensing process. Each brokerage’s loan officers undergo an even more thorough evaluation process, which includes background checks, credit checks and taking additional educational courses. The purpose of this is to protect borrowers from potentially predatory loan officers.

Loan officers at banks don’t undergo the same scrutiny as mortgage brokers, though that is slowly starting to change.

Cost. There’s a major difference in cost between working with a broker and working with a bank.

Since mortgage brokers typically have low overhead, they’re less likely to charge additional fees. In fact, brokers are often compensated with commission via an agreement with lenders, so they won’t charge you for their services.

Banks, however, often charge additional fees, such as application fees, origination fees and processing fees.

Interest Rate Options. As a borrower, your goal should be to obtain not only a mortgage loan approval, but a low interest rate, as well—and what type of interest rate you receive depends on whether you work with a mortgage broker or a bank. Mortgage brokers generally have access to a wide variety of mortgage products, with diverse terms and approval requirements. Since brokers aren’t beholden to a lender, they’re able to look for a mortgage with terms that are most favorable to the borrower. Should something go wrong—say, for example, you get denied for a loan—your mortgage broker will continue to work with you to find one that best suits your financial needs.

If you choose to work with a bank, know that large national banks traditionally use a predetermined set of mortgage products, which restricts your ability to shop around for a mortgage with better terms. Also, should you be denied a loan for any reason, such as previous financial errors or an unstable credit history, the bank will be obligated to part ways with you, forcing you to look for a different lender, or perhaps a broker.

As you can see, a mortgage broker is an asset to any homebuyer, especially someone going through the first-time home-buying process. New borrowers must go through a first-time home-buyer qualification process for a mortgage loan, but the right broker can help you navigate your journey and secure the best possible terms for your mortgage.

Mortgage Broker vs. Banker : 4 Things to Know Before Beginning the Borrower’s Journey by Roger Odoardi | RISMedia housecall