If applying for a new home loan, there are numerous mortgage lending options. New homebuyers may not know where to start. Different mortgage lenders fit different circumstances. In fact, choosing the wrong lender may result in paying more interest. With this said, it is important for homebuyers to educate themselves on the different types of mortgage lenders, and select the lender that is perfect for them.
Traditional Mortgage Lenders: Banks, Credit Unions, etc.
While waiting in the lobby of a bank or credit union, perhaps you have observed signs advertising low mortgage rates. Some homebuyers choose to finance their homes through mortgage companies. However, it is possible to obtain a mortgage loan from your local bank.
Using a local banker may be advantageous. Each mortgage lending institution establishes its own lending guidelines. Moreover, these lenders can pick and choose the type of loans they want to service.
There are various types of home loans. These are intended to help individuals with good credit, poor credit, no credit, recent bankruptcy, etc. Unfortunately, not all lenders offer a range of home loans. Thus, persons with bad credit may...
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