What are the different types of lenders, and how do I choose the right one for me?

Before someone lends you the money to purchase your home, they’ll want to know a lot about you. And you’re entitled to know as much as you can about them, too.

It’s important because getting a mortgage is not just a one-time signing of documents, a handshake and a check. You will be depending on your lender to fund the loan as promised, on time, and over the life of the loan, to keep good payment records, pay your taxes and insurance (if included in your monthly payment) and many other continuing services.  And while biggest doesn’t always mean best, financial stability, reputation, qualifying procedures, and unique programs benefit are what they offer home buyers.

Look for a mortgage broker that has the authority to pre-approve and process your loan locally. It’s easier to obtain information on the status of your loan and discuss conditions directly with your mortgage broker who is familiar with underwriting standards and has access to the lender network.