Which type of Mortgage Lender is Best for you?

Buying a home is always exciting, but in reality, the whole process is extremely hectic and confusing. The most important task in the whole process is securing the loan amount. Earlier, most of the home buyers depended on the banks or the credit unions for the mortgage loan amount. But today, it is not the same.

As with the increasing choices in terms of houses, the numbers of additional home financing providers are even increasing. The only thing that puts the house buyers in a dilemma is to choose among these financiers. The Sun West Mortgage is one such mortgage company that lends money for commercial and real estate purpose.

To know which is the best lender for you look at the below options:

  • Direct Lenders:

They are the ones that review your application before granting you the mortgage amount. These include banks, mortgage banks, and nonbank lenders. They are the institutions that sell your loan on the secondary market.

Benefits of Direct Lenders:

  • Reliability: These are the institutions, about which you have prior knowledge. They are basically the state and federal-run institutions, meaning they have stronger ties with society.
  • One – Stop shopping: Here no middlemen are required, you directly with the source of your loan.
  • Saving: Being the loan originators, there are chances that you might save amount during sanctioning of the loan amount.
  • Speed: They usually process your loans faster than any other finance provider.
  • Mortgage Brokers:

They are always the middlemen who represent the mortgage products of many lenders. Their ultimate goal is to match your needs with the best loan product within your budget. But once the loan gets approved, there is no need of the broker as one directly deals with the loan originator or the mortgage service provider.

Benefits of Mortgage Brokers:

  • Variety : A mortgage broker find you a house by searching around for different programs and lenders, which would fit your choice better.
  • Qualifying: They can best steer you to the national and regional lenders, who would surely accept your application in terms of your financial and personal information.
  • Savings: By trusting the brokers there are chances you might get more favourable rates, which most of the direct lenders are unable to provide. The Sun West Mortgage charges effective interest rates.
  • Speed: The time for shopping for the mortgage loan is definitely saved by the brokers.
  • Home Builders and Real Estate Agents:

Today, many of the house builders and the real estate agents own their own in house mortgage facilities to make purchasing home easier. These affiliated companies, on the other hand, operate as mortgage banks or brokers.

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