Choose a Mortgage Broker or Banker -
If you decide to shop only a handful of lenders you feel comfortable with this means less than five. Choose companies with which your friends and family have had good experiences. The products offered by these larger and more reputable lenders often differ very little, so shopping less than five is more than enough to make a good comparison. The best lender may not have the absolute lowest rate, but great service and support are worth the extra tenth of a percentage point.The best mortgage professionals always discuss needs and financial situation before quoting rates.
A mortgage banker is a direct lender it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers (also known as “direct lenders”) sometimes retain servicing rights as well.
A mortgage broker is a middleman he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”).
There are different types of 100% loans. You can
either get 1 loan for 100% or an "80/20" loan. Speak to your mortgage
professional to see which program is best for you!
