Amy Hunter
Account Executive
Phone: 937.439.4500
E-Mail: amy.s.hunter@wellsfargo.com
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There are countless lending institutions that a buyer can use to obtain a mortgage for their new home. It is important that you understand the difference between how different types of lending institutions provide loans. Below is a little information on a few different types of lending institutions. |
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| Banks | |
| Banks are the institution
that most people associate with getting a mortgage. They typically have
reasonable rates and fees, though they do vary. Compare the various banks
before making a final decision. Banks may or may not resell your loan. Ask your loan officer if they will and what may or may not happen when your loan is sold. |
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| Mortgage Brokers | |
| Mortgage brokers
are just what the name says. A company that brokers, or lets and sells loans.
Typically a mortgage broker has higher upfront costs because that is where
they make their money. Make sure you are aware of all the costs involved
with getting the loan including the interest rate, term and type of loan. The advantage of going through a mortgage broker is that those people with not so glowing credit are more likely to be approved, though usually at a higher interest rate. |
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| Mortgage Companies | |
| Mortgage companies
are similar to banks with the exception that all they handle are mortgage
loans. They do not offer checking and savings accounts. They typically have
reasonable rates and fees, though they do vary. Compare the various mortgage
companies before making a final decision. Similar to a bank, the mortgage company may or may not sell your loan on the secondary market. Ask your loan officer whether or not your loan will be sold. |
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| Other Information | |
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Want to get a rough idea of what you can afford? What to know what your monthly payment for a given house would be? Try one of my handy loan calculators! To know exactly
what you can afford, you must talk to a lender. Remember, it is important
that you choose a lender that you feel comfortable with. Below are some
questions to ask a potential lender that can help you choose which one
is best for you. Any lender should be more than happy to provide you with
answers to all of these questions. If they cannot or will not answer
them, then it is probably best if you look elsewhere for a lender. |
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| Apply For a Loan |
| Below is one of several mortgage companies that my clients have used. They are highly professional and provide quick loan approvals. Some of them allow you to apply for a mortgage loan on-line through their secure web page. |
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Phone: 937.439.4500 |
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Portions Copyright© 2001-05 Debbie
Bobick |
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