Discover the different types of mortgage lenders
Are you in search of a reliable mortgage lender then look no further. We at My Mortgage Broker along with offering the best mortgage lenders will also guide you on the different types of lenders accessible along with their pros and cons to help you choose the best. When it comes to our service areas we serve the whole of Alberta and Calgary.
A brief on the different types of mortgage lenders
- Portfolio lenders- a portfolio lender usually promotes his own portfolio loans that are adjustable rate loans. Often they will pay their loan officers more compensation to originate a portfolio product than to originate a fixed loan rate. Qualifying for portfolio loans is easy. When you apply for a loan with such lenders and get declined, you will require beginning the process with a new organization
- Mortgage bankers- mortgage bankers possess several strengths. They are better in promoting first-time buyer programs provided by local governments and states which have lower costs and interest rates than the present market rate. If for some reason your home loan gets rejected, the mortgage bankers will permit their loan officers in brokering the loan to some other institution.
- Savings and loans and banks- their biggest strength is you will be capable of recognizing their name. Further, they will operate like a portfolio lender, a mortgage banker or both and possess the same strengths and weaknesses
- Mortgage brokers- they can actually shop a wholesale lender at the finest rate much simpler compared to what a borrower can. They can also guide you whether your loan must be submitted to mortgage bankers or portfolio lenders. Besides, if a loan is declined, they can repackage the loan as well as submit the same to a new wholesale lender
- Wholesale lenders- a borrower will not get access to the wholesale divisions of portfolio lenders and mortgage bankers devoid of going via a broker
For more information, please feel free to contact us.