For this article, I teamed up with mortgage expert Luke Skar of Inlanta Mortgage and MadisonMortgageGuys.com to help explain the difference between the two main sources for mortgages. We will look at the differences between mortgage brokers and banks, the pros and cons of each and just as importantly, how to find a good lender.
And because the loan is so big, getting approved and the best possible interest rate is not always simple. mortgage loans used to be limited to banks and other.
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Best Answer: Most lenders/banks have the same mortgage products, your ability to get a mortgage loan will be hinged on your credit score and your ability to purchase a house. In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
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Step 3. Know your options. Brokers are paid by either the borrower or the lender (but not both) and charge a small percentage of the loan amount (1 to 2 percent) for their services. They do not fund loans, and they don’t set interest rates or loan origination fees, or make lending decisions.
He noted that after he became a mortgage broker, he learned that there were many other options that existed in the market outside of the bank’s products. A good way to think about a mortgage broker is.