Welcome to Mortgage Guide
Cheap Mortgage Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Lenders: the Basics
from:One of the most important financial decisions you will make is whether or not to purchase a property. An integral part of buying a home is selecting from among the various mortgage lenders. You have many more choices than you may realize and the competition for your business can pay off in the long run.
Bankers
Some consumers are more comfortable working with a large financial institution that specializes in various financing products and services. The benefit of choosing these mortgage lenders is their longevity in the field. Customer service and lending know-how are required for these giants to be successful.
Mortgage bankers are able to originate loans right in their offices. This is another great benefit to consider. The banks have liaisons with various lending institutions like Fannie Mae. One way to sport a real mortgage banker is to see whether or not the establishment has a wholesale lending division.
Brokers
Wholesale lending institutions often work with mortgage brokers. These organizations work to find the best deals for their clients. A good broker will have well-established relationships with a number of different wholesale lenders. A broker will not have a wholesale loan department.
The underwriting and funding actually take place with the wholesale lender. Of course, the broker will require some fees. However, many homebuyers find this investment to be well worth it considering the results.
Wholesale Lenders
Brokers are not wholesale mortgage lenders. Bankers and portfolio lenders often function as wholesale lenders. Just like a wholesaler provides goods and services to retail establishments, the lenders do so for brokers and other loan organizations. Some of these organizations have their own retail branches while others rely solely on brokers for their business.
The approach of using a broker may seem as if it would cost the consumer more in the long run. However, the broker is able to find the best rates and terms for its customers. The fees charged are often well worth the benefits that consumers reap over the course of the loan.
Some may prefer to go straight to wholesale mortgage lenders that have retail chains. The lender does sell the package to the broker at a discount, making the cost of the loan about the same whether the loan is made through the broker or the retail branch.
Shopping around for the right mortgage lender is always a good idea whether you are considering borrowing directly from a banker or through a broker. There are many options to consider. Exploring all of your options before making a commitment can save you a lot of money over time.
Cheap Mortgage Specific links
Cheap Mortgage News
US 30-year mortgage rate falls to record 3.78 pct. - The Seattle Times
 Bloomberg | US 30-year mortgage rate falls to record 3.78 pct. The Seattle Times The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. By MARTIN CRUTSINGER AP Economics Writer No comments have been posted to this article. Average US rate on 30-year mortgage dips to record low of 3.78 percent; 15 ... |
US mortgage rates for past 52 weeks at a glance - WBRC
US mortgage rates for past 52 weeks at a glance WBRC By The Associated Press The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year.More >> By The Associated Press The average US rate for the ... Average US mortgage rates for the past 52 weeks, at a glance |
Cheap mortgage era has ended, can you still find good deals? - This is Money
 This is Money | Cheap mortgage era has ended, can you still find good deals? This is Money By Lauren Thompson Britain is set to be gripped by a mortgage drought, leaving desperate homeowners battling to get their hands on the last of the cheap deals. The nation's two biggest mortgage lenders — Lloyds Banking Group and Santander — are ... |
Expensive housing? Mortgages as affordable as they were 20 years ago - Globe and Mail
 Globe and Mail | Expensive housing? Mortgages as affordable as they were 20 years ago Globe and Mail Cheap rates have also supported bigger mortgages. If we look at mortgage payments from two decades ago, a typical single job holder with 10 per cent down and minimal consumer debt qualified for a $96000 mortgage. Today, he or she could get a $285000 ... |
Britain's Clegg warns of impact of Greek euro exit - WBRC
 Globe and Mail | Britain's Clegg warns of impact of Greek euro exit WBRC The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year.More >> The average US rate for the 30-year fixed mortgage fell to a record low for a ... EU leaders support growth, give few concrete plans Business Highlights British banks have had plenty of time to prepare for the worst |