Benefits of Mortgage Brokers in House Loans
The primary distinction between the two types of loan providers such as 1) Mortgage Broker - they come from loans with the intent of offering them to wholesale lending institutions; 2) Mortgage Lender - they are loan providers that are big enough to come from loans plus bundle pools of loans that they then offer to one of the big 3 loaning institutions - Fannie Mae, Ginnie Mae, or Freddie Mac, and likewise jumbo loan investors. The broker gets a lower rate from the lending institution and then the broker will include onto that rate his cost. A benefit of utilizing a mortgage broker is that some of the most highly certified loan officers in the business work for mortgage brokers.
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