Different types of mortgage lenders

Are you in the process of buying a house and applying for mortgage loan? Then, it is imperative to know all your options.

10:33 20 August 2013

There are several options when applying for mortgage loan. Aside from banks, you can also borrow money from mortgage companies and mortgage brokers, for example.

Banks are always the first option for many homebuyers because they offer flexibility. Most of the time, banks are more than willing to customise their loan packages to effectively meet the specific needs and demands of borrowers.

Mortgage companies are the ones that sell loans to investors. If you take this option, it really wouldn’t matter if any lender holds the loan because the originator will be the one to collect payments. 

Mortgage brokers have access to different several lenders. They can help you as they work by bringing borrowers and lenders together for the purpose of securing a loan. They make the process of finding a lender easier for borrowers and they typically make money by getting commission.