| If you are a homeowner applying for a new mortgage, | | | | mind that there are different lenders for different |
| refinancing your existing mortgage, or looking for a | | | | situations. There are mortgage lenders that specialize |
| home equity loan, you may feel overwhelmed with the | | | | in bad credit and bankruptcy mortgages. Not all lenders |
| number of choices you have. There are many | | | | offer these types of loans; banks and credit unions do |
| different types of lenders; a lender exists for nearly | | | | not typically offer bad credit loans. |
| any circumstance. Choosing the wrong mortgage | | | | Mortgage Brokers |
| lender could cost you a lot of money. As a | | | | How do you find the best loan for your situation? The |
| homeowner you need to do your homework and learn | | | | answer may be to use a mortgage broker, even a |
| about the mortgage industry, mortgages lenders, and | | | | variety of mortgage brokers. Using mortgage brokers |
| what is the best option for your mortgage. | | | | will allow you to comparison shop for mortgages while |
| Mortgage Lender Types | | | | someone else does the legwork for you. This |
| There are many different types of lenders competing | | | | convenience does come for a price however; make |
| for your mortgage dollars. These lender types include | | | | sure you fully understand all the fees your broker is |
| traditional banks, credit unions, brick and mortar | | | | charging before you agree to them. It is best to |
| mortgage companies, online mortgage companies, and | | | | comparison shop a variety of brokers so you will |
| a variety of specialty mortgage lenders include | | | | know what a fair broker fee is. |
| subprime (bad credit) lenders. | | | | Brokers are simply individuals that find loans for people. |
| Each one of these lenders had their advantages and | | | | They work on a commission basis. Sometimes the |
| disadvantages. Your local bank is typically not going to | | | | lender pays the commission, sometimes you pay, and |
| offer you the best interest rate. Credit Unions may | | | | sometimes both you and the lender pay. Because |
| offer somewhat more competitive interest rates; | | | | mortgage brokers have extensive connections in the |
| however, you will not find the best interest rates until | | | | industry, they have access to a wide variety of |
| you investigate lenders that specialize in mortgage | | | | mortgage products. A mortgage broker can often |
| products. | | | | evaluate your situation and provide a variety of |
| When looking for a specialty mortgage lender keep in | | | | mortgage products tailored to you to pick from. |