Choosing Mortgage Lenders
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Rony Walker
Mar 25, 2013, 8:30:04 AM3/25/13
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Article Title: Choosing Mortgage Lenders
Author: Rony Walker
Word Count: 566
Article URL: http://www.isnare.com/?aid=143703&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=143703
Easy Publish Tool: http://www.isnare.com/html.php?aid=143703
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There are many types of mortgage lenders and each one focuses on a special slice of the market.
Seller-financed
The seller of the property provides financing to a buyer. This type of arrangement is highly risky. Most sellers profit from borrowers 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 to the selling on the secondary market.
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
These are owned by members and it is precisely for this reason that they give good rates and services. They operate in a similar manner as mortgage bankers.
Below are important things to note when shopping for mortgage lenders.
Finding Mortgage Lenders
It's easy to locate mortgage lenders. If you know a real estate agent, ask this person to recommend a lender to you. If you know someone who purchased a home very recently, ask him or her for a referral. Finally, if you have a telephone and a phone directory, then turn to the yellow pages. Couple this with looking out for advertisements in print and broadcast media.
It is the Department of Commerce that issues licenses to mortgage lenders.
Reducing the Names of Your List
To weed out the names on your list, call the Department of Commerce or check their website. Go to the portion marked Consumer Info & Services and click on Enforcement Actions. You will then find a listing of any action taken against mortgage lenders.
The Department of Commerce updates its list of mortgage lenders with complains and violations. It has the authority to publicly reprimand a mortgage lender for failing to follow rules. Should another incident requiring government intervention occur, the department may choose to revoke or suspend the mortgage originator's.
Finding the Best Rates
Comparative mortgage charts are printed in local newspapers' real estate sections. This is a good place to look for a mortgage lender. Call the mortgage lenders who interest you and ask the following questions:
1. Are these the best rate and terms that I can qualify for?
2. Do I qualify for a better loan product that you are not offering to me?
3. Will I do better with another mortgage lender?
Take your time to shop around for mortgage lenders. Finding a mortgage lender is as crucial as finding a home itself. After all, borrowers' relationships with mortgage lenders range between 15 to 30 years. For the relationship to last that long, it must be a match made in heaven.
About The Author: Looking for the best mortgage rates ( http://www.whataboutloans.com/mortgage/mortgage-rates.html )? Visit our site and get access to home loan lending ( http://www.whataboutloans.com/home-loan/home-loan-lending.html ) rates from various competing mortgage lenders.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=143703
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Rony Walker
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=143703
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=143703
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Choosing Mortgage Lenders
Author: Rony Walker
Word Count: 566
Article URL: http://www.isnare.com/?aid=143703&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=143703
Easy Publish Tool: http://www.isnare.com/html.php?aid=143703
*********************** ARTICLE START ***********************
There are many types of mortgage lenders and each one focuses on a special slice of the market.
Seller-financed
The seller of the property provides financing to a buyer. This type of arrangement is highly risky. Most sellers profit from borrowers 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 to the selling on the secondary market.
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
These are owned by members and it is precisely for this reason that they give good rates and services. They operate in a similar manner as mortgage bankers.
Below are important things to note when shopping for mortgage lenders.
Finding Mortgage Lenders
It's easy to locate mortgage lenders. If you know a real estate agent, ask this person to recommend a lender to you. If you know someone who purchased a home very recently, ask him or her for a referral. Finally, if you have a telephone and a phone directory, then turn to the yellow pages. Couple this with looking out for advertisements in print and broadcast media.
It is the Department of Commerce that issues licenses to mortgage lenders.
Reducing the Names of Your List
To weed out the names on your list, call the Department of Commerce or check their website. Go to the portion marked Consumer Info & Services and click on Enforcement Actions. You will then find a listing of any action taken against mortgage lenders.
The Department of Commerce updates its list of mortgage lenders with complains and violations. It has the authority to publicly reprimand a mortgage lender for failing to follow rules. Should another incident requiring government intervention occur, the department may choose to revoke or suspend the mortgage originator's.
Finding the Best Rates
Comparative mortgage charts are printed in local newspapers' real estate sections. This is a good place to look for a mortgage lender. Call the mortgage lenders who interest you and ask the following questions:
1. Are these the best rate and terms that I can qualify for?
2. Do I qualify for a better loan product that you are not offering to me?
3. Will I do better with another mortgage lender?
Take your time to shop around for mortgage lenders. Finding a mortgage lender is as crucial as finding a home itself. After all, borrowers' relationships with mortgage lenders range between 15 to 30 years. For the relationship to last that long, it must be a match made in heaven.
About The Author: Looking for the best mortgage rates ( http://www.whataboutloans.com/mortgage/mortgage-rates.html )? Visit our site and get access to home loan lending ( http://www.whataboutloans.com/home-loan/home-loan-lending.html ) rates from various competing mortgage lenders.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=143703
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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