What Are the Main Types of Mortgage Lenders?
Finding the right mortgage lender is just as important as finding the right property. Not all lenders are created equal, and each type offers different advantages and disadvantages. Here are the main types of mortgage lenders you should know about. Mortgage Bankers Mortgage bankers are institutions that make their money directly from originating and selling mortgages. Because they don’t have to go through the process of selling the loans they make on the secondary market, they can offer more flexible terms and conditions. Mortgage bankers typically have a large network of home buyers, and they can offer in-house underwriting and processing, which can speed up the loan approval process. The best mortgage bankers are typically those with a strong understanding of the local market. They should also be able to…