Q to what extent are mortgage banke...

Q to what extent are mortgage bankers/brokers different from my local bank, savings and loan or credit union?

A. A mortgage banker (like a bank, savings and loan or credit union) loans money to borrowers for dwelling financing, but he does not make loans for other purchases or give other traditional banking services (checking accounts, savings accounts, etc)

The mortgage company in your neighborhood doing business as ABC Mortgage, for example, is probably a mortgage banker, and it probably finances its loans then vends the loans to investors thus it can get money to make more loans. Mortgage bankers are in business to make mortgage loans.

A mortgage factor does not lend any of his possess money to borrowers. Like other emblems of brokers, a mortgage factor will bring two people together to achieve a financial transaction.

In the case of mortgage financing, a mortgage factor will find a lender who will impart money to his client (the borrower).

Q Is individual type of lender better than another?

A. If you present to have all of your financial activity subject to one roof, you might want to use your local bank, S&L or credit union. That way you can have your mortgage, auto loan, checking, savings and other financial services all handled on one entity.

If your goal is to win the most competitive interest rate possible, mortgage bankers (or mortgage factors who deal with mortgage bankers) attend to be extremely competitive when charging interest rates forward their loan programs, since making mortgage loans is their primary business.

Since mortgage agents deal with several lenders, they could be of assistance in arranging financing for borrowers with unique borrowing solicits The quality of your borrowing experience ultimately be pendents on the professionalism of the populace with whom you deal (regardless of where they work).

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