As more companies become mortgage lenders, the need
for guidance through the process and all of its options has emerged.
Mortgage brokers are springing up to meet that need. Unfortunately,
people who are unfamiliar with mortgages often get brokers
and lenders confused.
They don't always understand that the mortgage broker,
who they have dealt with all along and who they may have built
a rapport with, is not the person who will be handling
their loan. Often, the company isn't even located
in the same city. Mortgage brokers work with mortgage
lenders from all over the country.
Mortgage lenders usually service a loan in-house.
On some occasions, they may sell a loan to another
party, but this will be in the fine print of the
loan. If keeping your mortgage local is important
to you, be sure to request that your loan be kept
in-house for its' full duration as part of the
Working with mortgage lenders could mean you pay
a little more in interest rates. In the long run,
it could save you a lot of headaches. Working directly
with the lender means you build a relationship,
not just make a business transaction.
Working with the lender usually means your mortgage
stays local and isn't sold to some outside company,
unknown to you. Working directly with a mortgage
lender can be well worth the added expenses because
of the benefits that it holds.