Skip to content
- A mortgage lender, like a credit union or bank, gives loans to purchase real estate or tap into its equity.
- There are retail lenders, direct lenders and online lenders.
- A mortgage broker matches borrowers with lenders.
- A lender makes loans; a broker finds a lender.
- Your servicer handles payments; it might be the lender or another company.
- Lenders verify creditworthiness.
- Brokers collect applications and counsel on improving chances.
- Lenders set terms, rates, and repayment schedules.
- The lender can assign the mortgage to another lender.
- Transferring property violates mortgage terms.
- A Loan Originator helps with applications and origination.
- In most cases, you need a lender.
- The type of institution matters as much as finding the right company.
- Credit unions offer services like banks but are owned differently.
- They often have better rates.
- Wholesale lenders’ names are on documents.
- Retail lenders offer loans directly.
- Most mortgage lenders are mortgage bankers using short-term loans.
