When you shop for a mortgage, several different options are available to you as far as where you obtain the mortgage loan. Perhaps the most common and widely known avenue is to go through mortgage brokers. Brokers shop several different loans for you for a fee, and they determine which loan program will suit your needs best. These mortgage brokers work for you, the customer, while doing most of the research and background work needed to determine what will be best for your needs.

Mortgage lenders can be a number of different institutions or organizations. For example, your local bank could be a mortgage lender, and so can a number of other banks that operate both nationally and locally. Other types of mortgage lenders are trust companies, credit unions, life insurance companies, and even private mortgage companies who lend money for land and real estate.

These are the sources of money for those seeking a mortgage and it's really up to the borrower where they would like to obtain their mortgage loan. Sometimes, mortgage lenders can be part of governmental programs like HUD or FHA. Statewide programs also serve as mortgage lenders. Freddy Mac and Fannie Mae are other examples of large mortgage lenders. In essence, it really does not matter where you obtain your loan, as long as you get a loan with the lowest fees and mortgage rates possible. This may require some research on your part but with the use of a mortgage broker, the process can be made much easier.

When choosing from the many mortgage bankers available, it's important to know what you are looking at when it comes to terms and conditions. This is why using a mortgage broker is often beneficial; because he or she will take the time to sit down with you and ensure that you fully understand the different aspects of your new mortgage. With mortgage lenders, you can apply directly (either through a company, government institution, or mortgage bankers) however, you often don't receive the individualized attention you might get with a mortgage broker. Sometimes when the market is very competitive, lenders take a more aggressive approach to helping their customers and will often assign you an individual loan officer who will be available to help assist you with concerns and questions.

Many times you may be able to obtain a discount with mortgage lenders if you have a separate account with them for other services. For example, your insurance company may offer you a discounted rate if you apply for a mortgage through their affiliates, or your bank may also do the same if you already have a checking or savings account with them. Doing your homework can save you thousands of dollars over the life of your loan. By looking at the many mortgage lenders available, you can compare and shop around before deciding on which mortgage will be best suitable for you and the needs of your family. The role of mortgage brokers, mortgage lenders, and mortgage bankers is simple: to provide you with financing you can afford in order to live in the home you choose.

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