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Buying Real Estate: "The Players": Lenders

When you speak of Real Estate Lenders, it can encompass a lot of territory: Banks, Savings and Loans, Credit Unions, exclusive Mortgage Companies, Mortgage Brokers and others. Any of them may be a good source of financing, depending on your personal situation.

No matter who you deal with for your mortgage, establish regular lines of communication early in the process. Make sure that you know how to get in touch with your lender and they know how to get in touch with you quickly. The need for additional information or documentation will almost surely arise, and the ability to communicate quickly can save a lot of time and help to avoid potentially disastrous last minute problems!

Banks, Savings and Loans, Credit Unions: Their primary business is "Full Service" banking and offer mortgages as part of their product line. This may be your small, local bank, a large national bank, or your Credit Union. Note: Many Credit Unions do not offer mortgages. If you have a Credit Union available to you, check to see what their policy is.

Mortgage Companies: Their primary or exclusive business is the servicing of mortgages. Mortgage companies may be a separate entity, or they may be a subsidiary of a large bank.

Mortgage Brokers: Mortgage Brokers do not do the actual lending, but act as a middleman between you and the lender. They can do the loan shopping for you, since they will represent several--or many--different lenders.

New Options, made possible by the Internet: We have found a simple way to compare mortgage sources and offers. Quicken Loans allows you to submit one quick and simple loan request form and within 2 business days get up to 4 offers from lenders competing for your business. Click here for more information.

 

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