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Choosing Mortgage Banks
There are many types of mortgage lenders and each one focuses on a special are of the market:


Seller-financed

The seller of the property provides financing to a buyer. This type of arrangement is highly risky. Most seller's profit from borrower's twice: first, from the outright sale of the property, and second, from the interest of the borrowed money.


Savings and Loans

These mortgage lenders use the savings of private investors to provide mortgages. They are one of the largest mortgage providers in the country.

Mortgage Bankers

Here's a rule of thumb in dealing with mortgage bankers: the bigger the bank, the better the rates they can offer. When dealing with mortgage bankers, you must be cognizant of the fact that they will control the loan throughout the whole process, from underwriting to servicing and even selling it on the secondary market.

 Mortgage Banks


Mortgage Brokers

Brokers are the ones who sell loans for lenders, such as mortgage bankers. In the loan distribution network, they are at the storefront. It is possible to find a good mortgage broker through friends, co-workers, and online searches.


Credit Unions

Credit unions are owned by its members and it is precisely for this reason that they offer good rates and services. They operate in a similar manner as mortgage bankers.

 Mortgage Lenders

Finding Mortgage Lenders

It's easy to locate mortgage lenders. If you know a real estate agent, ask them to recommend a lender to you. If you know someone who purchased a home very recently, ask them for a referral. Finally, you can also turn to the yellow pages.

 
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