Table of contents
Chapter 1: Should you buy or rent?
Chapter 2: How mortgages work
Chapter 3: Your mortgage payment
Chapter 4: Paperwork and fees
Chapter 5: Underwriting
Chapter 6: Closing
Chapter 7: Ownership
There was a time when most homebuyers obtained their mortgage loans through their banks or credit unions. Today, however, there are a number of additional home-financing providers.
Which one is right for you? Let's take a look at the options.
A mortgage bank is a direct lender; that is, bank employees alone review your application and make the decision to lend you money. Typically, the bank will sell your loan on the secondary market.
Benefits of a mortgage bank:
Risks of a mortgage bank:
A mortgage broker is a middleman who may represent the mortgage loan products of hundreds of different lenders. The broker's goal is to match you with the loan product that best meets your needs at the best price. Once your loan is approved, you will usually deal directly with the loan originator or their mortgage service provider.
Benefits of a mortgage broker:
Risks of a mortgage broker:
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