Supposing you know the pros and cons of the different types of lenders, will you still choose the same type of lender twice?
In order to understand the strengths and the weaknesses of each type of lender, one must know how they vary. The different types of lenders include mortgage bankers, mortgage brokers, wholesale lenders, portfolio lenders, direct lenders, correspondents, banks, saving & loans and credit unions. Consider some simple tips and tricks listed below according to David Zitting.
Information is the key. Information is everything. Before trying to make a decision especially on financial matters, like choosing the type of lender, make sure that you are thoroughly briefed of the advantages and disadvantages of every type. Take your time and conduct extensive research before making up your mind. Your choice of lender will greatly affect the future of your finances.
Asking multiple questions is never synonymous to ignorance; pretending to know everything is. Asking the right question is equivalent to finding the right answer. Searching for the right lender requires time and focus and there may be many tell-tale signs on how choosing the right lender is actually right in front of you. Being curious and asking the questions will make it easier for you to maximize each type of lender. Focus on the reason behind the search and refine your search procedure.
There is no harm in trying. It maybe a cliché, but it always bears a portion of truth in it. It is too risky to experiment putting your money at stake, but choosing the same lender over and over again could end in the same result