What are Mortgage Banks, Mortgage Companies, and Mortgage Brokers?
The first step in getting a home loan is to find a mortgage company, mortgage bank, or mortgage broker who will lend you money. Most banks offer checking, and saving account and different kinds of loans, including home mortgages. If you belong to a bank, then try to apply with them, it should make things easier for you to get a mortgage from them. Mortgage companies are specialists. They don’t offer any other kind of financial services. They only do home loans. This makes their operations more streamlined than banks. Mortgage brokers are companies that have access to a lot of different lenders and rates and they can go through many options to find a home loan that’s right for you. Mortgage brokers are sometimes small companies or just individuals. They may not be streamlined like a mortgage company. The most important thing to you is your interest rate. It will determine how much your monthly payment will be. But, don’t choose a lender just because of the interest rate. Most mortgage l
