Mortgage Advice

Save Money. Save Time. Take Control.

Mortgage Disclosure

Mortgage Lender

• Before You Apply

What to do to prepare up to a year in

advance of your mortgage application.

• Can You Trust Your Loan Officer?

Who does your loan officer really work

for, and how do you find the best one?

• Lender, Broker, Or Bank?

What type of loan Provider is right

for you?

• Types of Mortgage Loans

The types of mortgage loans and

their advantages and disadvantages.

• Types of Documentation

Your options for disclosing how much

you make and where it comes from.

• Underwriting

What does an underwriter look for

when analyzing your loan application?

• Pre-Approval

What it is and isn't and how it saves you

time and heartache.

• Credit

What it is, and how it affects your life.

• Income & Employment

How much you need to make and for

how long in order to qualify.

• Asset/ Down Payments

How much, where from, and what kind

of money will work.

• Down Payment Assistance

Short on funds? Learn about your

options and explore these resources.

• Processing

What happens to your application after

you sign it and before you close?

• Title

What is it, what does it mean, and how

does it work?

• Appraisals

What is your home worth, why you

should bother to find out, and how

does it affect your loan?

• Alternate Financing

Facing rejection? Time to get creative.

• FHA

Low down payment, forgiving

qualifications. A great loan option.

Mortgage Lenders

A mortgage lender, also known as a mortgage banker, loans you money that they themselves have borrowed. Lenders will often offer products from their own lines, as well as products from banks, or "portfolio lenders" as well, which they bundle and then sell to that lender, effectively acting as a retail outlet for the wholesale divisions of these larger banks.

Lenders sell all the loans they make in the secondary market because they don't have the long-term funding sources necessary to hold mortgages permanently. They fund loans by borrowing from banks or by selling short-term notes, repaying when the loans are sold.

There are two types of lenders; retail and wholesale. Lenders that employ loan officers who originate the loans themselves are called retail lenders. Lenders who buy mortgages originated by mortgage brokers are called wholesale lenders. Many large lenders have both retail and wholesale divisions. As a borrower you will only have occasion to deal with a retail lender.

Lender, Broker, Or Bank? | Broker | Bank