Where to Get Mortgages From

Everyone - the young and the old, male or female, the frugal and the extravagant - go through tough times. Worse, times are truly tougher now than they ever were and more and more people now look to get their hands on money to keep their head above water financially. With so many in need, finding a loan can be very difficult, especially if you have not so impressive credit. Credit companies are taking every opportunity to bring down credit scores. So, where do you get mortgages from? Who do you go to? Where do you find them?

Mortgage Brokers

More than half of all mortgages made in the U.S came from mortgage brokers. A broker is a middleman who brings lenders and borrowers together. These brokers work with different lenders - a lot of lenders, in fact. It's not impossible for one broker to work with as many as 200 lenders, perhaps even more.

If you're thinking of dealing with a broker, keep in mind that your choices depend on your broker's working relationships. Keep in mind, too, that the fees may be paid by the lender or the buyer, or by both. Some brokers operate up-front, which means they will negotiate their fees directly with buyers and in exchange, they will shop for the lowest possible wholesale interest fees and rates.

Mortgage Bankers

These bankers work for banks, and they usually represent more than one. However, no matter how many banks they represent, the loan they give out are bank-funded. There are upsides and downsides to dealing with mortgage bankers. First off, the fees they can offer you are usually non-negotiable because they have been set by bank policy. Also, the loan products for you to look at are limited only to what the bank is offering.

Commercial Banks

Wells Fargo, the Bank of America, and Citigroup are only three of the many reputable commercial banks in the country. The good thing about commercial banks is that they provide a wide range of services. Moreover, you do not have to go out of your way to look for one. You most likely have one in your neighborhood! Additionally, you do not have to worry that you may not be getting the best rates possible. On top of the rates being competitive, the bank may even offer you an incentive or a discount if you keep a savings or checking account with them!

Credit Unions

Credit unions are not required to pay federal taxes. They also enjoy tax advantages that other lending groups cannot. The good news is that they pass on these benefits to people like you and me. You can expect mortgages from credit unions to come with very attractive terms and rates. I suggest you go to the credit union nearest you and see which of their mortgages are up for grabs.

Mortgages can seem confusing but once you work with the right people, you will be surprised at how simple and basic everything is. Find the right person or group to get a mortgage from. When you do, the rest will fall into place.