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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.

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.

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.

Commercial hard money lenders typically issue loans up to 80% of a property's loan-to-value. Commercial hard money lenders typically issue loans up to 90% of a property's loan-to-value.

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.