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Choosing a Lender

 

Along with choosing a loan, you should consider the variety of sources for loans as they each offer advantages and disadvantages depending on the loan amount, the interest rate, your down payment amount, and much more. Major categories of mortgage lenders include:

 

Commercial Banks


Commercial banks offer attractive loan terms, particularly if they evaluate their entire banking relationship with you. Some commercial banks have their own real estate lending departments and will service your loan. Other commercial banks sell their loans to Fannie Mae and Freddie Mac, two major government-sponsored enterprises (GSEs) that specialize in buying residential loans from lenders.


Mortgage Bankers


Mortgage bankers borrow money from banks or pools of investors, underwrite the loans, and sell them to investors for a profit. They often receive a fee from these investors for servicing your loan. Loan servicing includes collecting monthly payments, sending out loan statements, and collecting late payments.


Mortgage Brokers


Mortgage brokers circulate, or 'shop,' a loan application among lenders to find the most attractive terms for the borrower. In exchange, a lender pays the broker a fee.


Homeowners

 

You may find that the current homeowner is willing to offer financing in exchange for selling the home. This means that the seller becomes your lender. A common means of financing is for the seller to accept a note. A note requires you to make monthly payments to the seller instead of a bank or other lender.

 

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