Article: A New Choice For Home Financing: Correspondent Lenders
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A New Choice For Home Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.
Your first instinct may be to go with your local banker, because you know them from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there?s a third source of funding that combines the best of both--the correspondent lender.
In order to understand the differences, let?s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them w...
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