Where can I get a home loan? Here Are The Top 5 Mortgage Lending Institutions

Written by Syd Johnson


There are hundreds of sources for home loans online and right in your neighborhood. Banks, Credit Unions, Mortgage Bankers, Government Agencies and Private Sellers all offer different sources of financing for anyone shopping for a mortgage.

Neighborhood Banks One ofrepparttar best resources for getting a home loan is your neighborhood bank. Depending onrepparttar 112319 length of your relationship withrepparttar 112320 bank andrepparttar 112321 amount you have in you checking or savings account, you might be sent out letters and emails inviting you to apply for a loan. If you are generally satisfied withrepparttar 112322 quality ofrepparttar 112323 service that you receive form your bank and they are offering a great interest rate, don’t walk away.

Even ifrepparttar 112324 offer is not quite what you’re looking for, walk intorepparttar 112325 nearest branch, and ask to speak to a loan manager. Once you are there, make your case in person for why you would like a certain loan or feel that you deserve a better interest rate. Most banks, especiallyrepparttar 112326 ones in larger cities, are part of a larger conglomerate or depend on a large conglomerate to finance items such as a home loan. Go throughrepparttar 112327 process withrepparttar 112328 loan officer, but don’t be surprised if you don’t get an answer onrepparttar 112329 spot. It might take a day or two.

Credit Unions Some ofrepparttar 112330 lowest rates on any type of loan product such as student loans, mortgages and personal loans can be found through a credit union. If you are eligible to join a credit union, sign up and set up a savings account with small monthly deposits. This way, you can userepparttar 112331 resources ofrepparttar 112332 credit union when needed.

Getting pre-approved for a home loan is one of the best ways to get a leg up on the competition when shopping for a home.

Written by Syd Johnson


The real estate market is soaring because of low interest rates that have brought home buying to average Americans. All overrepparttar country, more renters are buying and homeowners are upgrading their properties. In this hot seller’s market, a pre-approval letter from your mortgage lender can help you secure a winning bid onrepparttar 112318 home of your dreams.

A pre-approval involves much more than filling out a questionnaire. It is essentially going throughrepparttar 112319 entire mortgage application process and havingrepparttar 112320 lender give you an exact figure of how much money they are willing to lend you and at what interest rate. Havingrepparttar 112321 letter is like havingrepparttar 112322 cash inrepparttar 112323 bank. This shifts your focus from financing to gettingrepparttar 112324 best real estate agent and findingrepparttar 112325 best home that you can afford.

Pay attention torepparttar 112326 terms ofrepparttar 112327 letter before you start shopping for your home: What terms did your mortgage lender extend?

A simple prequalification where they took down your information and made an informal guess of what type of loan you will receive is usually not very effective. This basic prequalification of course is subject to running a full credit check, full disclosure of your assets, and no drastic changes in your financial situation.

Any lapsed payments on credit cards, student loans or a job change, can give your mortgage lender sufficient reasons to back out ofrepparttar 112328 deal.

Here’s how to getrepparttar 112329 maximum benefits out ofrepparttar 112330 pre-approval process:

1. Start by usingrepparttar 112331 resources on any major search engine. Look for “mortgage lenders,” “home loans,” or “pre-qualify for a mortgage”.

2. Fill out an application and make sure it goes throughrepparttar 112332 underwriting process. If you’re not sure, callrepparttar 112333 lender using their customer service number and ask them what happens after allrepparttar 112334 information is submitted.

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