The Different Types Of Lenders

If you want to buy a house, for instance, a San Antonio Real estate property

, you should know that one of the very first things you have to consider before you start visiting San Antonio Homes for Sale is the mortgage you are going to get. Most home buyers need financing support from commercial lenders, banks or mortgage companies so before you start hunting for homes, why not shop around for home loan offered in your area first and see what types of loans you can get. You should also be certain that the mortgage professional you will work with is a certified professional in the industry and is very reliable and trustworthy. Being competent is another top quality that your mortgage officer should have. You should also realize that there is a variety of types of lenders and each of them has own access to different home loan programs, which also depends on your financial capacity. It is very important that you choose the best type of lender for the home buying endeavor you are going to pursue. Every lender has their own guidelines and rules with home loans and selecting the proper one for you will make the home loan application a lot easier for you. Popular types of lenders are enumerated below:

1.Mortgage bankers

Two common examples of this kind of brokers are local banks and credit unions. These lenders handle the loan process inside the company, using its own name and funds. It is actually more expedient to work with this type of broker because of the account you already have in their company. Loans they can offer to you can be limited and may ask a competitive interest rate.

2.Mortgage brokers

Lenders like them will tediously shop around for home loans to various lending companies and commercial banks offering home mortgages. They will look for the most suitable home loan for you. An advantage you will get from working with this type of lender is that they can provide you with more number of loan programs.

3.Correspondent lenders

Well, lenders of this type are typically just a combination of mortgage brokers and mortgage bankers. They have the capacity to give you the loan offered by the company they are working for or they can also act as your broker, looking for lending programs available. Mortgage brokers and correspondent can offer you home loans from wholesale lenders that are usually not accessible for the general public.

Before you make an official selection as to who are you going to work with, it would help you a lot if you ask them about their relationship with loan processors and underwriters. These people are essential for you to have a smoother and easier loan application process. The loan processor and the underwriter can make your application process hassle-free or on the other hand, a nightmare. The lenders can charge you for their professional fees from either the closing costs or adding some amount to the interest rate.

by: William Houser

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