Where To Get Your Next Mortgage

Posted Jun 26, 2009 @ 4:02 am, Viewed by 198 Visitors, Read 200 Times.

If you're looking to get a mortgage be ready to spend some time (and maybe headache) in the process. There are lots of options but really three main catagories of lenders: local banks, direct banks, and broker. 

  • Local Banks: Think credit union or KC's Cap Fed,  they lend their own money (using their own rates and terms) so there is no 'middleman'. These loans are normally a little more conservative then the 'average' loan but there is the opportunity to receive preferential rates ro discount if you are already a customer of the bank. 
  • Direct Banks: Think national bank, these banks often lend in such high quantities that they have low overhead and may be able to offer lower rates. The normally offer a little better information online and you can make payments there. More often then not, they sell your loan to another bank (or Fannie Mae or Freddie Mac).
  • Brokers: Work with several different banks to find you the best deal. They don't lend their own money (like the banks do) but find you a bank that will. Brokers work best when you have complicated mortgage financing needs. Since the broker isn't lending their own money they are not making money through the interest you pay, they make their money in the form of a commission - make sure you know how they are getting paid.
A well-versed Realtor will sit down with you and discuss your financing options and provide recommendations of qualified mortgage lenders we have worked with in the past.
 
Webster Team will work with you to find the best financing options for your situation and provide quality connections to make your home ownership goal reality.

 

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bwebster

bwebster At Webster Team Real Estate, we use our more than 25 years of Home Repair experience to help our clients sell for the right price within their timeframe and help them purchase the best quality home possible within their budget. Read More

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