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Types of Mortgage Lenders in SE Florida
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Posted On :
Jul-15-2009
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Article Word Count :
563
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If you are finally ready to find that perfect dream home in SE Florida the first step is talk with an experienced real estate agent that knows the area as well as one that can help you with the buying process by starting with helping you find a mortgage lender.
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If you are finally ready to find that perfect dream home in SE Florida the first step is talk with an experienced real estate agent that knows the area as well as one that can help you with the buying process by starting with helping you find a mortgage lender.
There are different types of mortgage lenders in SE Florida that you may want to check out before you decide on a mortgage company.
A mortgage banker is a large mortgage lender that sells loans to such places as Fannie Mae, Ginny Mae, Freddie Mac, and various other loan companies. Some mortgage bankers also service the loans they originate, but not all. They may also have a wholesale lending division.
Mortgage brokers are mortgage lenders that sell the loans to wholesale lending companies. The mortgage broker has nothing whatsoever to do with the loan after they sell the loan. They do not offer any services such as underwriting or funding. Mortgage brokers only work with wholesale lending companies that have within in their company a wholesale loan department.
Wholesale lenders are mortgage lenders that may or may not have a retail branch. These lenders only work with mortgage brokers. The wholesale lender will offer their loans to mortgage brokers at a lower cost than other financial institutions. However, the mortgage broker then adds his fees so you will still be paying close to or in some cases more than, if you went to a different lending company.
Portfolio lenders lend money and originate the loans themselves. They do not sell the loan as other mortgage lenders. This helps many individuals that cannot meet the guidelines outlined by the big boys like Fannie Mae and Freddie Mac. Portfolio lenders have their own criteria when they look at candidates for loans usually a person’s credit rating. After one year of holding the loan, portfolio lenders may then sale the loan to another lender such as Fannie Mae as the loan will be considered seasoned. Once they sell the loan, they will then have money to help the next client. In most cases, a portfolio lender can help individuals that cannot get a loan through other lending companies due to such things as being self-employed.
Banks & Savings and Loans are about the same as Portfolio Lenders.
Direct lenders use their own money to lend to homeowners. They can be of any size and normally have a credit line that can be used to draw money to fund the lending company. In the majority of cases, direct lenders will create the loan in the name of their company.
Correspondent mortgage lenders are those that do their own loans but sell the loan to sponsors, which is usually a larger lending company. The sponsor then resells the loan to other companies such as Fannie Mae, Freddie Mac, or Ginny Mae. In a few cases, the correspondent will fund the loan without selling it to sponsors.
Credit Unions are similar to correspondents. However, according to their size they could also be similar to a portfolio lender or mortgage banker.
With this bit of knowledge, you should be able to know where to go to start your search for a home loan to buy that dream home in SE Florida.
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Article Source :
http://www.articleseen.com/Article_Types of Mortgage Lenders in SE Florida_1762.aspx
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Author Resource :
FL Realty Agents is your answer for finding a Florida Short Sale, Miami Short Sale, or a Palm Beach Short Sale.
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Keywords :
Florida short sale, South Florida short sale, Florida short sales, short sales in Florida,
Category :
Business
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Business
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