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New Home Loan - Understand The Various Types Of Mortgage Lenders
from: Carrie ReederSo, you’ve decided to buy a house, and you’re ready for that all important next step—applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you’ve realized quickly that your choices for lenders are immense. Here’s a quick guide to help you understand all of your choices for lenders.
Mortgage Banker
By using a mortgage banker, you will deal with the same person from the beginning to the end of the loan process. The mortgage banker makes his money from the fees that you will pay for the loan, such as the points and closing fees. After you’ve closed on the loan, you may continue your relationship with the same company, or they may sell your loan to a secondary person.
Mortgage Broker
If you don’t have the time to loan shop on your own, or have a not-so-perfect credit history, a mortgage broker may be the way to go for you. A mortgage broker acts as a middleman between a borrower and a mortgage banker, and generally knows where the best deals are, or which mortgage bankers are more apt to grant loans to riskier borrowers.
Credit Unions
If you belong to a credit union that should be the first place you check for your mortgage loan because they generally offer lower interest rates. Many associations, unions or even workplaces have their own credit unions.
Savings and Loan
Half of the mortgage loans in the United States are made by local savings and loans. If you belong to one, be sure to check their rates—they’re likely very good.
Government Loans
A lot of people falsely believe that the government is in the business of making mortgage loans—they’re not. But they do “back” certain loans, which make the lenders more apt to extend them. For the best information on government backed loans, talk to your local banker.
There are also many mortgage companies online that can help you find direct
mortgage lenders and home loan brokers that will best suit your needs.
This is a quick way to find a good mortgage loan and compare rates and offers
from multiple lenders. When lenders compete for your business, it works to
your advantage. To view our list of these recommended online mortgage
companies, visit this page: Recommended Online
Home Mortgage Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
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Home Mortgage Refinance Rate News
A Rush Into Refinancing as Mortgage Rates Fall - New York Times
 AFP | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - By one account, the new program would be available only to home buyers, not to people who simply want to refinance their existing loan at a lower rate. ... US Eyes Plan to Lift Home Sales Proposal could drop mortgage rates to 4.5 percent Ahead of the Bell: Plan could cut mortgage rates |
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
 Yahoo | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... Mortgage Apps On Rise As Rates Drop UPDATE 1-US mortgage applications post largest gain ever FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match |
Lower mortgage rates help but jobs, prices key - Reuters
Lower mortgage rates help but jobs, prices key Reuters - A government plan to sop up hundreds of billions of mortgage securities spurred a bond rally that yanked 30-year home loan rates down half a percentage ... |
The Fed's Potentially Very Bad Policy - Seeking Alpha
 CBC.ca | The Fed's Potentially Very Bad Policy Seeking Alpha, NY - Just think about trying to take away the home mortgage deduction. Perhaps I worry too much. Perhaps it really will be temporary. Consider, however, who is ... Bernanke backs using more govt. funds to limit foreclosures Bernanke Calls for Action to Stem Home Foreclosures |
Mortgage Refinance Applications Soar As Rates Fall - EasyBourse.com
 Emirates Business 24/7 | Mortgage Refinance Applications Soar As Rates Fall EasyBourse.com, France - Additionally, the US Treasury Department is considering a plan to revitalize the US home market by reducing mortgage rates for new home loans. ... Fed will buy $500 billion in securitized home loans Mortgage rates fall, but many borrowers will have trouble qualifying US move cuts mortgages to lowest rate since February |
Low rates breathe life into mortgage market - Columbus Dispatch
Low rates breathe life into mortgage market Columbus Dispatch, OH - This has led to a sharp increase in refinancing, but a slower increase in home purchasing. If the rates continue to drop, which many predict, ... |
Refinancing a viable option for certain homeowners - Monitor
 stv.tv | Refinancing a viable option for certain homeowners Monitor, TX - For the many locals who are still paying off subprime mortgages, refinancing is also likely not an option. But with a 30-year mortgage rate at close to 5.5 ... How To Cope With The Flood Of Foreclosures? |
Bernanke Says US Must Step Up Foreclosure Efforts (Update1) - Bloomberg
Bernanke Says US Must Step Up Foreclosure Efforts (Update1) Bloomberg - Estimates show as many as 20 percent of borrowers may now be “under water,” where their mortgage is bigger than the price of their home, Bernanke said. ... |
UPDATE: Builders Soar On Lower Rates, But Pain Persists - CNNMoney.com
UPDATE: Builders Soar On Lower Rates, But Pain Persists CNNMoney.com - As consumers raced to lock in lower rates, applications to refinance existing loans jumped 203.3% last week from the week before, while mortgage ... |
Bernanke: more action needed to cut foreclosures - The Associated Press
Bernanke: more action needed to cut foreclosures The Associated Press - To bring down this interest rate, Treasury could buy Ginnie Mae securities, which fund the mortgage program, or Congress could decide to subsidize the rate. ... |