A mortgage is one of the biggest decisions of your life and
it involves the largest financial transaction you will probably make, so you need
to be sure that your mortgage lender is reputable.
New homeowners must look for mortgage lenders and
information on that subject. For mortgage lenders, there are many different
kinds of companies. They comprise bank mortgage lenders, other lenders, and
vendor 'take-back' mortgage lenders.
You should always undergo the process of pre-approval with a
bank or other mortgage lender as a safe practice. Your credit rating is
confirmed by this process and this provides you with the information about kind
of interest rate you might expect to pay and the amount you can afford to
spend.
The interest rate you pay, the services that are included,
and whether you will qualify with the lender for a mortgage are the major
differences between a bank, a credit union, and a finance company.
In terms of
the lenders and the various schemes they offer, it would be prudent to check up
on the different options you have.
Over the life of the mortgage, even a difference of few
percentage points could save you a lot of money. In order to get the right one,
you'll want to do some research.
A low rate is good, but you need to understand whether this
low rate is guaranteed and for how long, particularly if you are in the
pre-approval process.
Don't just assume a certain program will be right for
you, and keep in mind to budget for closing costs. Depending on your lender's
fees and other factors closing costs can be between 2 to 6 % of your purchase.
Remember to close toward the end of the month, as upon
closing, your lender will charge you prepaid interest for the date the loan is
recorded through to the end of that month. Also, always read the fine print and
check for hidden fees.
It is a complex process involving a lot of factors to find
the right mortgage. Finding the right mortgage lender is the first step you
take when you plan to make an important mortgage decision.
Given below is a list of mortgage lenders and brokers in the
United States.
Here, you will also find information about the types of loan programs provided by
each mortgage lender.
Countrywide Home Loans
Countrywide Home Loans is a mortgage lender that offers
direct services for their clients. One of this mortgage lender's several loan
programs offered is a 5/1 adjustable rate mortgage with a very low interest
rate.
For customers who want to refinance to get a home equity
loan, this mortgage lender offers their services and products.
If you're
worried about having a bad credit history, a sister company of this mortgage
lender is Full Spectrum Lending which offers special loan programs for
customers with less than perfect credit records.
GoodMortgage.com
GoodMortgage.com is a mortgage lender that works with
purchase, construction, home equity second mortgages, and refinancing. Also, with
any type of credit record this mortgage lender caters to customers.
The website of this mortgage lender also offers free
mortgage calculators so you can start computing on the benefits of each type of
loan.
This mortgage lender's online site also offers free mortgage analysis, a
mortgage school to give you more indepth information on mortgages, and a rate
watch where you can keep track of the rates.
Eloan.com
ELoan.com is an online mortgage lender that offers home
loans as one of its many mortgage products. If you wish to purchase or
refinance, this mortgage lender can offer you their services with no mortgage
lender fees, no hidden costs, and a streamlined approval process for your loan
application.
If you're about not having enough funds for a down payment,
this mortgage lender's 80/20 loan with low interest rates and no Personal
Mortgage Insurance.
Loan Home Lenders
Log Home Lenders is a mortgage lender that focuses in loans
for log and modular homes. This mortgage lender based in Bridge
City, Texas, is the only
lending company that provides finance for log homes. For construction or for
home repair, this mortgage lender's loan programs include finance sources.
This mortgage lender charges their customers for the
interest alone, which is 1% over the prime rate (may be adjusted monthly) for a
period of 12 months (the construction phase).
Permanent mortgages which can
either be 30- or 15-year fixed rates, or 30- or 15-year fixed jumbo rates are other
products offered by this mortgage lender.
800USALoan.com
800USALoan.com is a mortgage lender that works with several
other mortgage lenders to offer you the best rates possible. The products of
this mortgage lender include loans for homes, cars, debt consolidation, home
refinance and improvement, home equity, and more.
Cendant Mortgage Lender
Cendant Mortgage lender is also the corporation that owns
Century 21, ERA, and Coldwell Banker. This mortgage lender offers fixed rate
mortgages with 30, 20, 15-year loan terms.
Interest rates of this mortgage
lender's fixed rate programs range from 5.095% to 5.851%. Aside from fixed rates, this mortgage lender also offers
adjustable rate loan programs with loan terms ranging from 10/1 to 3/1.
This
mortgage lender also offers another type of mortgage loan program. The 7-year
balloon mortgage of this mortgage lender has a mortgage rate of 5.301%, 1
point, and an APR of 5.494%.
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