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Mortgage Loan Professionals

Choosing the right mortgage loan professional can be the most crucial part in obtaining a mortgage loan. The reason for this is each type of mortgage loan professional may have different training and different objectives. To start we will list the three general types of mortgage loan professionals:

  • Mortgage Loan Brokers
  • Mortgage Loan Lenders
  • Mortgage Loan Banks

In the following reading you'll understand about the above types of mortgage loan professionals as well as other mortgage loan entities that help to make up the mortgage loan industry.

Mortgage Loan Brokers - these type of mortgage loan professionals are licensed and either work alone or for a mortgage loan brokerage. Typically, their skills are based on their experience in the industry and they have the ability to pair an interested consumer with the exact mortgage loan program that suits their customers needs. The downside is that mortgage loan brokers have some flexibility with the fees that they charge their borrowers. (New laws in 2006 may change the effects of this.) "Junk Fees" are miscellaneous fees a mortgage loan broker may charge on top of the "points" that generally constitute their pay. Mortgage loan brokers have the power and licensing to work with wholesale mortgage lenders that offer slightly lower rates and only accept mortgage loan applications from licensed mortgage loan professionals.

The approach to compensating mortgage loan companies for their services is constantly changing. As one of the largest investments a consumer can make in their lifetime, the purchase and refinance of property comes in many different forms. Mortgage loan lenders offer another method for obtaining mortgage loans offering both benefits and losses for utilizing their services.

Mortgage Loan Lenders - these kinds of mortgage loan professionals come in a variety of forms. The actual employees selling mortgage loans for mortgage loan lenders may or may not be licensed and the experience and knowledge of these mortgage professionals varies. Such mortgage loan companies may or may not have the power and licensing to "broker" and utilize the services offered by wholesale mortgage lenders. Typically the primary focus of mortgage loan lenders is to sell mortgage loans to a niche market. For example, certain mortgage loan lenders focus on offering their products to "A" borrowers, while others make a profit by catering to "sub-prime" borrowers. A direct lender is a mortgage loan company that funds a mortgage loan before it is actually funded by the lending bank. Such a service may help consumers that may require money in a shorter period of time. The downside to such services is that the cost for obtaining a mortgage loan from such a company may be higher than normal. Mortgage loan lenders that diversify and have a policy which focuses on customer retention through servicing the customer may focus on pairing the mortgage loan applicant with a mortgage loan program that best suits their financial goals and needs.

Where does the money for mortgage loans come from? Such a question may be asked when considering the rapid population and housing growth that is occurring worldwide. Through certain processes, oftentimes with government support, mortgage loans are funded by investor firms and banks.

Mortgage Loan Banks - mortgage loan programs offered through banks typically are able to offer the lowest rates and best terms to qualifying customers. However, the downside is that the variety of mortgage loan programs that banks are able to offer is generally limited. Furthermore, the interest of a mortgage loan professional employed by a bank is usually limited to that bank's best interest. Simplicity and reassurance is offered through the mortgage loan programs offered by a bank, but variety and the ability to suit each particular mortgage loan applicant's situation and needs may not.

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