Resultsbee.com

A lender is a financial institution that makes loans directly to you. A broker does not lend money. A broker finds a lender. A broker may work with many lenders. Whether you use a broker or a lender, you should always shop around for the best loan terms and the lowest interest rates and fees.

A wholesale mortgage lender works with independent mortgage brokers and loan officers to originate loans. Brokers and loan officers work on the retail end with borrowers, and once they secure a deal, they send that deal to a wholesale mortgage lender for underwriting and processing.

30-year Fixed-Rate VA Loan: Rate is fixed. The payment on a $200,000, 30-year fixed-rate loan at 3.75% and 75% loan-to-value (LTV) is $926.24 with 1.875 Points due at closing. The Annual Percentage Rate (APR) is 4.014%.

Mortgage bankers, wholesale, retail, correspondent, mortgage brokers, account executives, loan officer, portfolio, and direct mortgage lenders are the different types of mortgage lenders.

Pre-Approval. When you are pre-approved for a mortgage, it means a lender has looked closely at your credit reports, your employment history, and your income ﾗ and has then determined which loan programs you qualify for, the maximum amount you can borrow and the interest rates you will be offered.

Traditionally, mortgage lenders applied a multiple of your income to decide how much you can borrow. So if you earn ï¾£30,000 per year and the lender will lend four times this, they may be willing to lend ï¾£120,000.