A mortgage lender is simply a mortgage bank or financial institution that lends and underwrites residential mortgage loans. Lenders typically have specific lending criteria to verify your creditworthiness, which you must meet before applying for a mortgage loan. They then set the terms, interest rates, due date and other important aspects of your mortgage into an agreement. Click over here now Metropolitan Mortgage Corporation
Mortgage lenders usually don’t offer many services, as their primary focus is to lend funds. But they may provide such services as credit counseling, payment plans and even debt consolidation. Brokers work on commission just like mortgage lenders, so they are motivated to find you a mortgage lender that will offer the best terms and conditions. They are also motivated to get you into a loan with the lowest possible rates, so they will try to find you a mortgage lender that will allow them to make the most profit. And although brokers generally don’t offer the services that a mortgage lender does, they do sometimes offer pre-approval services to a potential borrower.
Mortgage brokers can be a useful tool for finding the right lender for you. If you use wholesale lenders, though, you should be aware that many mortgage banks and wholesale lenders do not disclose their lending criteria to potential borrowers. And wholesale lenders do not provide the same level of customer service as mortgage brokers do. If you need assistance with finding the right lender for your needs, you should use the services of a mortgage broker to get you what you want.