|Mortgage & Refinancing Information|
A New Choice for Home Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.
Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there's a third source of funding that combines the best of both--the correspondent lender.
In order to understand the differences, let's look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There's only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business.
Mortgage brokers have an advantage in that regard. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks.
The third alternative, correspondent lenders, combines the best features from both groups. Correspondent lenders are similar to mortgage bankers in that they make the lending decision and fund the loan with their own money or credit line. However, as soon as a loan has closed, it's sold to another lender at a previously negotiated price. It's the best of both worlds for you as a borrower. You'll be dealing with the banker who is funding your loan, yet that banker is able to shop your mortgage around, which can obtain you a lower interest rate.
Correspondent lenders can sometimes be difficult to find, since they're generally smaller institutions, operating on a regional basis, and it can be hard to tell whether a lender is a broker or a banker, based solely on the company's name. One way to find out is by visiting the lender's website, if they have one. You'll normally find a button you can click that will bring up a page containing a detailed description of the company. If the lender doesn't have a website, you may find their phone number in the Yellow Pages.
Although they may not always be easy to locate, with a little digging, you may find that a correspondent lender offers an attractive alternative to a banker or mortgage broker when it comes to shopping for your next home loan.
Copyright © 2005 Jeanette J. Fisher All rights reserved.
Jeanette Fisher is the author of "Credit Help! Get the Credit You Need to Buy Real Estate," and other books. Real estate financing questions? Visit the new Real Estate Credit Help Center for articles, Credit Tips ezine, and blog: http://www.recredithelp.com
Today's mortgage refinance rates: 30-year rates plunge below 3% for the first time in 34 days | April 16, 2021 - Fox Business
Todayâ€™s mortgage refinance rates are rising, but theyâ€™re still under 3% â€” for now | April 13, 2021 - Fox Business
Todayâ€™s mortgage refinance rates are rising, but theyâ€™re still under 3% â€” for now | April 13, 2021 Fox Business
Today's mortgage refinance rates â€” one key rate rises while others stick below 3% | April 12, 2021 - Fox Business
Today's mortgage refinance rates â€” one key rate rises while others stick below 3% | April 12, 2021 Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 - Fox Business
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business
The Average Homeowner Could Reap $4,000 a Year by Refinancing. Here's the Smartest Thing You Can Do With the Savings - Money
The Average Homeowner Could Reap $4,000 a Year by Refinancing. Here's the Smartest Thing You Can Do With the Savings Money
Today's Mortgage and Refinance Rates: April 18, 2021 | Rates Swing Business Insider
Today's mortgage refinance rates keep rising â€” one key rate hits 3% again | March 30, 2021 - Fox Business
Today's mortgage refinance rates keep rising â€” one key rate hits 3% again | March 30, 2021 Fox Business
Today's mortgage rates inch up from record lows, but refinance rates still a great deal | April 15, 2021 - Fox Business
Today's mortgage rates inch up from record lows, but refinance rates still a great deal | April 15, 2021 Fox Business
Today's Mortgage and Refinance Rates: April 3, 2021 | Rates Bump Up Business Insider
Refinancing a home equity loan: Why and how to do it Fox Business
Today's Mortgage and Refinance Rates: March 27, 2021 | Rates Slip Business Insider
5 ways to identify mortgage refinancing scams FOX 5 Atlanta
Unify Collaborates with Experian to Improve Mortgage Refinance and Purchase Lead Quality - PRNewswire
â€˜Recastingâ€™ is another way, besides refinancing, to save money on your mortgage - Washington Post
UI Says HARP 2.0 Could Help Pandemic-Era Borrowers Mortgage News Daily
Top 3 Borrower Motivations Driving Surge In Refinance Loan Volume Digital Media Solutions
Fitch Assigns Saudi Real Estate Refinance Company First-Time 'A' IDR; Outlook Negative - Fitch Ratings
Fitch Assigns Saudi Real Estate Refinance Company First-Time 'A' IDR; Outlook Negative Fitch Ratings
VA Construction Loan Guide | Requirements & Process 2021 The Mortgage Reports
HFA Loan Guide 2021 | What is an HFA loan? Who qualifies? The Mortgage Reports
How to calculate commission income for your mortgage The Mortgage Reports
Saudi Real Estate Refinance Company -- Moody's assigns first time ratings to Saudi Real Estate Refinance Company - Yahoo Finance
Saudi Real Estate Refinance Company -- Moody's assigns first time ratings to Saudi Real Estate Refinance Company Yahoo Finance
Mortgage Refinance Options & Types | Refinance Chase News & Stories
Mortgage refinance demand plunges 43% from a year ago, as higher interest rates take their toll on borrowers - CNBC
Mortgage refinance demand plunges 43% from a year ago, as higher interest rates take their toll on borrowers CNBC
The 2 Big Reasons We've Stopped Making Extra Mortgage Payments The Motley Fool
Best mortgage refinance lenders in 2021 Bankrate.com
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
Mortgage Rates Keep Sinking â€” Why It Might Be a Good Time to Refinance Your Home Now - MarketWatch
Today's mortgage refinance rates push further into record low territory | January 28, 2021 - Fox Business
Today's mortgage refinance rates push further into record low territory | January 28, 2021 Fox Business
3 signs you should refinance your mortgage right now Fox Business
Todayâ€™s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 - Fox Business
Todayâ€™s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business
Today's mortgage refinance rates stable, one key rate still below 3% | February 24, 2021 - Fox Business
Today's mortgage refinance rates stable, one key rate still below 3% | February 24, 2021 Fox Business
How do I get the most out of my mortgage refinance? Fox Business
The Best Mortgage Refinance Lenders of April 2021 Business Insider
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 - Fox Business
Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 Fox Business
Todayâ€™s mortgage refinance rates mixed â€” one key rate drops while another rises | March 2, 2021 - Fox Business
Todayâ€™s mortgage refinance rates mixed â€” one key rate drops while another rises | March 2, 2021 Fox Business
Today's Mortgage and Refinance Rates: February 8, 2021 | Rates Up Business Insider
15-Year Mortgage Refinance Rates for April 2021 NextAdvisor
Can refinancing a mortgage hurt my credit score? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
Current 30-Year Refinance Rates for April 2021 NextAdvisor
Retiring with student loans? What to do first Fox Business
Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head
"The ache for home lives in all of us, the safe place where we can go as we are and not be questioned."It is a challenge to find a place like that.
Finding the Online Homeowner Loans You Want
Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves needing additional money but not wanting to pay an exceptional amount on interest.These online homeowner loans use the equity that you've built up in your house as collateral to secure the loan, and usually feature interest rates and loan repayment terms that are competitive to if not better than many loans that are offered by more traditional physical lending institutions such as banks and finance companies.
Mortgage Terminology for the First Time Home Buyer
Buying a Home for the first time can be a little "nerve racking". Mortgage terminology that brokers use everyday can leave you scratching your head or shaking your head pretending that you know what they're talking about.
Home Owner Loans Explained
How To Release Equity Locked Up In Your Home For Immediate Use.Free up the monetary worth tied up in your property by asking your financial advisor for information on a secured home owner loan.
Should You Get a Home Inspection?
It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an objective evaluation of any problems with the home before you move in.
Securing a Cheap Home Improvement Loan
Finding a cheap home improvement loan can be a challenge at times, but the extra work involved can pay off by saving you money in the long run.Taking the time to get extra quotes, do a bit more research, and finding the best people to work on your home improvements is always a good idea? and if it results in a cheap home improvement loan, all the better!How home improvement loans workThe first step to finding a cheap home improvement loan is to know exactly how it is that home improvement loans work.
Top 5 Methods to Manage Your Home Equity
As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that is not burdened by debt.
Money Smart Homeowners Use this Mortgage Strategy Every Time
There are currently more than 50 million home mortgages in the United States today. So why aren't more homeowners taking advantage of the highest yielding lowest risk, tax-free financial strategy available today?Let me ask you.
5 Tips for Savvy Use of Your Home Equity Line of Credit
Tapping your home's equity to pay college expenses, consolidate credit card debt or even to buy a new car or boat is common place. Many economists attribute the additional buying power afforded consumers through home equity debt as a primary reason the nation's economy has been able to emerge from the recent recession.
Doing a California Refinance Online
Californians are passionate people. I know.
Home Equity Loan - Still a Better Idea Than a 401(K) Loan
Anyone who borrows money is always looking for the cheapest source of funding. That makes sense; no one wants to pay more in interest than is absolutely necessary.
Home Mortgage Rate Shopping - Why Some Shoppers Give Up And Others Dont
About 29% of current homeowners and a much larger percent of consumers with income levels above $50,000 feel it best to stay as far away from offers to finance or refinancing their home as possible. And this seemly for good reason.
A Home Equity Loan - What You Should Know?
Asking yourself, "Is a home equity loan right for me?" is the first and most important step to take.Home equity loans have become so popular today because of increasing home values.
Home Equity Loan or Home Equity Line of Credit - Which is right for you?
The most common type of home equity loan is the term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years.
Repayment of Loans - Lessening the Bitterness of the Process
So how have you planned the repayment? Don't tell if you haven't started the plannings yet. It is high time the plannings and the decisions be made regarding the repayment of the loan.
A Guide to Getting a Bad Credit Remortgage
There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your debts.
New Home Loan - Understand The Various Types Of Mortgage Lenders
So, you've decided to buy a house, and you're ready for that all important next step-applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you've realized quickly that your choices for lenders are immense.
Mortgage Information for the First Time Homebuyer
Inflation in the United States is increasing rapidly and home prices are soaring! There are millions of american families that are unaware of the many mortgage programs that are available for first time homebuyers.There are many types of mortgage finance programs available to first time homebuyers.
Home Improvements Turn Average Homes into Dreams Come True
If you're thinking about taking out a home improvement loan, there are several options to consider. First and foremost, your mortgage consultant needs to know why you want a home improvement loan.
Flexible Mortgages - Offering Relief from the Fixed Mortgage
A pension mortgage may seem lucrative at the first sight. However, they seldom are, if the customers who took pension mortgage are to be believed.
|home | site map|
|© 2006 TIGER MEDIA|