A New Choice for Home Financing: Correspondent Lenders

When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.

Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there’s a third source of funding that combines the best of both--the correspondent lender.

In order to understand the differences, let’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There’s only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business.

Mortgage brokers have an advantage in that regard. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks.

The third alternative, correspondent lenders, combines the best features from both groups. Correspondent lenders are similar to mortgage bankers in that they make the lending decision and fund the loan with their own money or credit line. However, as soon as a loan has closed, it’s sold to another lender at a previously negotiated price. It’s the best of both worlds for you as a borrower. You'll be dealing with the banker who is funding your loan, yet that banker is able to shop your mortgage around, which can obtain you a lower interest rate.

Correspondent lenders can sometimes be difficult to find, since they're generally smaller institutions, operating on a regional basis, and it can be hard to tell whether a lender is a broker or a banker, based solely on the company’s name. One way to find out is by visiting the lender’s website, if they have one. You'll normally find a button you can click that will bring up a page containing a detailed description of the company. If the lender doesn't have a website, you may find their phone number in the Yellow Pages.

Although they may not always be easy to locate, with a little digging, you may find that a correspondent lender offers an attractive alternative to a banker or mortgage broker when it comes to shopping for your next home loan.

Copyright © 2005 Jeanette J. Fisher All rights reserved.

Jeanette Fisher is the author of "Credit Help! Get the Credit You Need to Buy Real Estate," and other books. Real estate financing questions? Visit the new Real Estate Credit Help Center for articles, Credit Tips ezine, and blog: http://www.recredithelp.com Article Source: http://EzineArticles.com/?expert=Jeanette_Joy_Fisher

czarna dziwka.sex
fat albert
sterowniki sound blaster live
mardi gras free nude photos
woodbineentertainment
incestquest com
cosmo mag
workout supplement
car egg insurance
alik de
logiciel debloque
historia del sindrome de down
girls fantasy cartoons
kibel akademicki z niespodzianka hardcore
cavendish hotel uk
asp document management aspin
www lamaslinda com
play bingo free online
sinrollos
sports illustrated magazine online
loyola law school
chicago foot mistress
penis size
heritage school limassol
cedar village
earth science project
www mail2web com
cs 1 6
growing rose
teacher evaluation
phase4
pornaccess password crack
sarong wholesale
cedar homes of washington
pics of nude pre teen girls
underwear teen porn
sauna
www animaltohumansex com
www czat wp pl
virtual server hosting
north myrtle beach lodging
free nude pics of shania twain
dsl update
shakira pic
diabetes and diet
software magazines
unreal anime boobs
code isocad
alexis bledel recent pics
chicken run
industrial pipes
d3dxquaternion
inkjetcartridges
sears
allume systems
back brace
phoenix arizona apartment
photos gratuites beurettes chaudes
pharmacy viagra
partes del sistema digestivo
dvd recorder
verizon inline
irina voronina pictures
tara reid nipple slip
deli case
wisconsin casino
ganthalle ch
ms dos
free phone ring tone
cg girl wallpaper
free pics women nude
herbicides
free mail account
yellow point
drinking
century 21 in florida
assplaza com

download java runtime enviroment java plug in
honey pot
ruda kobieta w ostrej akcji hardcore
szkoly jezyka
corsages prom
super motel 8
kilgore real estate
asians cummin
regence
chemical compounds
pictures of stages of pregnancy at 20 weeks
herzgasse
tennessee real estate agent
qubec map
organic cotton
free mature nude pics galleries
coldplay concert
smash hits
sparkasse regensburg
refinance travel
guggenmusikvereine ch
abode acrobat
oldest ladies porn
nancy agram sex
japanese fucking virgin
www fuente de energia cl
mryan68s xanga
show me pictures of women smoking cigarettes
retrohairstudio
kwae horse
subwoofer enclosure
family law
scsi to usb
captain beefheart
shipping supplies
gougle
pornograficzne cycki
vanzari masini daewo
rote finder
avr
cdr dvd
bilstein shocks
ybacs
used boat values
biang bola
embroidery library
volume control
exotic cowboy boot
merck vioxx
2 4 ghz video
dirty poems
sean young
spacemaker
download acid pro for free
webcaming for money
smart media card
goat fucking
adult comic
visio 2000 enterprise edition
dblock album
download java free
ct college
free m i l f pctures
www hacker com
www j
diamonds
www teentera comcgi binucjc cgi xxx 982234
www macho411 com
vice city ps2 cheats
poizda
cipki cipy
limonade tycoon
sheet music online
veterinary medical
felix leclerc
information system
balkan music
thomas pink shirt
real estate nyc
hewlett packard computers
thepreserveatchino
emily browning
aram asatrjan
nude teen girl thumbnail gallery
hong kong shopping
holiday inn nassau
corey taylor
free naturistphoto vinden
private dancer 007 shemale
major league baseball stats
presentation folder
dick hill who grew up in old greenwich
houseplan
www etc cl
dgci
mannheimer morgen
love chat
web developer
tan thru3d
roxette it
2100cds
japan business