New Home Loan - Understand The Various Types Of Mortgage Lenders

Written by Carrie Reeder

So, you’ve decided to buy a house, and you’re ready for that all important next step—applying for a mortgage loan. But where should you go? After all,repparttar mortgage business is complex, and you’ve realized quickly that your choices for lenders are immense. Here’s a quick guide to help you understand all of your choices for lenders.

Mortgage Banker

By using a mortgage banker, you will deal withrepparttar 148539 same person fromrepparttar 148540 beginning torepparttar 148541 end ofrepparttar 148542 loan process. The mortgage banker makes his money fromrepparttar 148543 fees that you will pay forrepparttar 148544 loan, such asrepparttar 148545 points and closing fees. After you’ve closed onrepparttar 148546 loan, you may continue your relationship withrepparttar 148547 same company, or they may sell your loan to a secondary person.

Mortgage Broker

If you don’t haverepparttar 148548 time to loan shop on your own, or have a not-so-perfect credit history, a mortgage broker may berepparttar 148549 way to go for you. A mortgage broker acts as a middleman between a borrower and a mortgage banker, and generally knows whererepparttar 148550 best deals are, or which mortgage bankers are more apt to grant loans to riskier borrowers.

Credit Unions

If you belong to a credit union that should berepparttar 148551 first place you check for your mortgage loan because they generally offer lower interest rates. Many associations, unions or even workplaces have their own credit unions.

Saving Money - The Magic 20 Percent

Written by Emmanuel Mendonca

Saving money is not easy and is made more difficult if you have a short-term outlook regarding your personal finances. If, like many people, you are living from one pay cheque torepparttar next, it is difficult to put some money aside for a rainy day or for a summer holiday. But what if you were to change your financial outlook into a medium to long-term one? You might believe that you cannot afford to think ahead and make plans, but in most cases you would be wrong. Most people should be able to save some money and with some effort, maybe even as much as 20 percent of their salary each month.

Income Analysis

First of all it is important to have a handle on where your income is going. Unless, we are on an extremely tight budget or are very money conscious for other reasons, many of us have never really sat down and considered what our money is being spent on – we just know that byrepparttar 148538 end ofrepparttar 148539 month, it has all gone! You will know if you are consistently spending your money on unnecessary purchases, for example. Having this knowledge equips you withrepparttar 148540 control to change things a little or a lot.

Saving Money Mentality

Many people have never been taught to save and as children, immediately spentrepparttar 148541 money they received without any forethought. You often hear people say, “Life is short, if you want something buy it now”, but thankfully for most of us life is not really so short and alongrepparttar 148542 way we will have to deal with both opportunities and challenges. Having some money saved will help you makerepparttar 148543 most ofrepparttar 148544 opportunities and riderepparttar 148545 challenges.

Cont'd on page 2 ==> © 2005
Terms of Use