New Home Loan - Understand The Various Types Of Mortgage Lenders

So, 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.

Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.

---

Borrow on a Budget: Getting the Cheapest Home Improvement Loans

Getting the cheapest home improvement loans isn't always easy. It... Read More

What Is The Best Deal For A Mortgage?

Few of us invest the time and effort into researching... Read More

Bad Credit Home Loans - Pre-Approval is Still Possible With Adverse Credit History

If you are among the millions with less than perfect... Read More

Know Your Mortgage Fees, and Youll Never Pay Too Much for Your Loan

If you buy new windows, you'll not only pay for... Read More

Choosing The Right Mortgage For You

This article will help you understand the differences between a... Read More

Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch

What the average homeowner or home buyer fails to realize... Read More

Essence of Self Certified Mortgages

Your search for a mortgage isn't leading results.Check for any... Read More

What Exactly Is A Reverse Mortgage And How Does It Work?

A reverse mortgage is a certain loan that allows the... Read More

Subprime Mortgage Loans Online - What To Expect

Applying for a subprime mortgage loan online can seem intimidating... Read More

What is the PayOption ARM?

Imagine an adjustable rate mortgage that allows you to pick... Read More

Online Mortgage Brokers - What You Might Not Know About Home Loans & The Internet

You may think that applying online for a mortgage is... Read More

First Time Buyers Fail To Shop Around

Almost two thirds of first time buyers accept the first... Read More

Option One Mortgage Loans ? Getting an Option ARM or Option One Mortgage Loan

Have you heard about or been interested in finding out... Read More

6 Helpful Mortgage Tips

Here are some mortgage tips that can help you obtain... Read More

Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan

There are some definite benefits to doing a cash out... Read More

Option ARM ? The World?s Most Dangerous Mortgage

Home prices have reached record levels, and in many parts... Read More

Home Loans and Mortgages ? Watch Out for Dangerous Subprime Loans

With the growing interest in real estate purchasing and speculation,... Read More

Choosing The Right Buy-To-Let Mortgage

Buy-to-let took off during the 1990s with the increasing availability... Read More

Zero Down Payment Mortgage ? Can It Be Done?

"I've been renting for years now; I've always paid my... Read More

Home Equity Loans

A home equity loan allows you to cash-in on the... Read More

Refinancing and Car Finance - Is it worth it?

Refinancing and Car Finance - Is it Worth It?No doubt... Read More

Stock Market, Bonds, Deposit Account, Cash, Equities, Unit Trusts - Few, Just Few of the Ways of Sav

Man has been known for continually simplifying things in his... Read More

Mortgage: For Those Twilight Years

Tracing back, the concept of reverse mortgages began when one... Read More

Reverse Mortgages: Information You Need to Know

Reverse Mortgages are exploding in popularity and as the baby... Read More

Home Equity ? Let the Market Eliminate Your Private Mortgage Insurance

In decades past, most people who were interested in obtaining... Read More

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

When it comes to a reverse mortgage, wise consumers weigh... Read More

Home Equity Lines of Credit - the Basics

A Home equity line of credit is a loan which... Read More

A Personal Mortgage Experience

I don't know what the mortgage situation is around the... Read More

Home Equity Loans Can Provide Cash in a Hurry

Think About the Long Term. Estimate how long you expect... Read More

Repayment Remortgages is The Cure For Outdated Endowment Policy

If bulls and the bears of the stock market have... Read More

Poor Credit Home Equity Loan Tips

A home equity loan can help repair your poor credit... Read More

Home Equity Loan Tax Deductions

Interest - is an amount you pay for the use... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue... Read More