McKinney mortgage banker Gail Hillman answers questions about real estate trends and offer tips to homebuyers and sellers considering buying or selling a home in or around McKinney.

Gail Hillman

Branch owner at Waterstone Mortgage

What is a mortgage banker?

A mortgage banker is a company, individual or institution that originates mortgages. Mortgage bankers use their own funds to fund mortgages. After a mortgage is originated, a mortgage banker might retain the mortgage in a portfolio, or they might sell the mortgage to an investor.

What are the advantages of using a mortgage banker?

The lender has more control over the loan with in-house underwriting, in-house appraisal management and more of a variety of loan programs. If necessary, the mortgage banker can broker the loan out to another company that might have a loan program that is a better fit for the buyer.

How does a banker become involved in the homebuying process?

A [banker] should be the first person that a homebuyer talks to. A [banker] can explain the homebuying process, pre-qualify the buyer to determine how much they can afford [to spend on a home], and can even give them a referral to a Realtor to help them find a home.