Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Understand your options for home loans
You’re ready to buy a new house. You’ve worked on your credit score and looked at your budget to figure out how much you can spend. Now you’re looking for a lender.
There are different kinds of mortgage lenders you can use when searching for home loans , and they each have pros and cons. This cheat sheet can help you figure out which kind of lender is best for you.
Mortgage banks
As a direct lender, the mortgage bank makes the decision to lend you money. This can make the loan process smoother — you’ve gone straight to the source of the loan. Also, mortgage banks are regulated by state and federal agencies, so they may be more reliable than other types of lenders.
On the other hand, if you wanted to compare rates, you would have to speak to a different bank or even several banks, which could be time-consuming.
Mortgage brokers
A mortgage broker serves as a middleman between you and your lender. He or she may have access to home loans from hundreds of lenders. For this reason, you will save time on comparison shopping and have access to a greater variety of loan products.
But be warned: Mortgage brokers may not be subject to the same degree of regulation and scrutiny as mortgage banks, and sometimes brokers try to boost their earnings by putting hidden costs in your loan. But, if you understand the loan process and ask lots of questions, you may be able to avoid these fees.
Internet lenders
For armchair loan shopping, try checking out Internet mortgage lenders. Some Internet lenders operate on the Web only, while others are online extensions of brick-and-mortar banks or brokerages. Using an Internet lender can make the loan process faster and easier, but if you prefer a more personal experience when comparing rates on home loans it might not be for you.
Share