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Direct lender Mortgage
from: Mortage & Debt FactsWhen you're looking for a place to get a mortgage, you'll find there are many different types of mortgages as well as many different types of mortgage lenders.
There commercial mortgage lenders, adverse credit mortgage lenders, mortgage brokers and direct lender mortgages. Many people don't know the difference between a mortgage broker and a direct lender.
Although a mortgage broker loan and a direct lender mortgage are similar, the lenders actually are quite different. A direct lender mortgage is a mortgage that you obtained through the services of a direct lender. In other words, there is no middleman. All the dealings are directly between you and your mortgage lender.
A mortgage broker mortgage is one where you do the dealings with the mortgage broker, who is actually like a middleman between you and the lender. Both the direct lender and mortgage broker can gather all the important information they need from you such as income verification, personal information, credit reports, etc. They are both capable to discuss mortgage details and legal disclosures to you as well.
A mortgage broker may deal with many different banks and funding sources, whereas a direct lender mortgage is handled at one specific bank, the bank where the direct lender works. Whereas a mortgage broker works for many financial institutions, a direct lender usually works at one bank.
When you get a direct lender mortgage from a direct lender, you will probably see the lender at the bank, but a mortgage broker could be anywhere at any bank. Another difference is that a direct lender is usually licensed to lend funds in all the states but a mortgage broker may only be licensed to borrow money in a couple states.
Contrary to what many believe, you won't really see a difference in the interest rate you're charged between a mortgage broker mortgage and a direct lender mortgage. Both of them get their interest rates from the secondary market rate. A difference may be with a direct lender mortgage, the direct lender has the flexibility to offer you a rate that they choose, but a mortgage broker may have to speak with the lender he works for first. Whereas direct lenders set their own guidelines, mortgage brokers cannot.
Another difference is in the mortgage fees. You will generally pay less in fees with a direct lender mortgage. Although direct lenders have to charge certain fees and costs for the loan, mortgage brokers will charge more because they make money off of customers like you. Therefore, you may find it higher to do business with a mortgage broker than if you have a direct lender mortgage.
Let's face it, it's all about saving money.
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