Jennifer Hunnicutt (805) 377-6011 ILoveCamarillo.com

Mortgage

The first step in buying a home is to talk to a mortgage professional about your income to debt ratio and credit history to determine your loan options. It is very important to work closely with a lender to determine a comfortable monthly payment and down payment for you. This will ultimately determine the price range for your home search.

 

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What is a direct lender vs mortgage broker?

A mortgage broker is a middleman who may represent the mortgage loan products of many 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.

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.

Direct lenders


Banks, mortgage banks and nonbank lenders all are direct lenders; that is, employees review your application and make the decision to lend you money. Typically, the institution will sell your loan on the secondary market.

Benefits of a direct lender:

Risks of a direct lender:


Mortgage brokers

mortgage broker is a middleman who may represent the mortgage loan products of many 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: