Where Can You Get A Mortgage Loan?

These loans are meant to help people who are ready to purchase homes to do so; however

, the lenders usually require to the borrowers to meet a set of criteria before they can get these loans. So, where exactly can you get a Mortgage Loan?

The middle men mortgage brokers

Mortgage brokers can be referred to as the middle men in the Mortgage Loan application/issuing process, because they act as intermediaries between the borrower and the lending institution. They are affiliated with several banking and financial institutions and can therefore negotiate on behalf of the borrower for reasonable monthly payments. Brokers are usually paid for their services by the borrower, but in some instances it is the lending institution which will cover the brokers fees. By bringing in clients who seek the Mortgage Loan, the broker is essentially bringing in business for the financial intuition.

Loans from mortgage bankers

Mortgage bankers carry out a similar task to mortgage brokers; however, mortgage bankers are directly affiliated with particular banks. They represent given banks and their work is to drum up business for the banks they represent, by steering clients seeking the Mortgage Loan to acquire it from their representative bank. It is also possible to find mortgage brokers who represent several banks, and they can therefore help a borrower to find the best Mortgage Loan suited for their needs.

Traditional commercial banks

The Mortgage Loan may be acquired directly from commercial banks. However, it is usually quite difficult to get a mortgage from a bank because that is not their primary reason for operating as a business. Banks also tend to impose relatively high interest rates on mortgages. On the flip side, if a borrower holds a savings or checking account with the bank in question they are likely to benefit from incentives and payment discounts offered by that particular bank.

Other sources of mortgages

The sources listed above are the most popular channels used to acquire the Mortgage Loan. There are other sources used to acquire mortgages and they include: Savings & Loan Associations, Private Individuals, Credit Unions, Stock Brokers and Online Lenders.

by: Hazel Santiago

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