Different types of lenders sell or promote mortgages. Your loan can be purchased from mortgage brokers, banks, credit unions, and mortgage bankers. When dealing with mortgage brokers, the lender typically receives an origination fee or a brokers fee.Feel free to find more information at The Equitable Mortgage Corporation on Yelp.
The lender is the one who gives you, the creditor, the money at the closing table, after the lender obtains a letter or written contract as proof of your debt, commitment, and obligation to repay, as well as a legal claim on your property.
Mortgage brokers are not lenders; rather, they are independent contractors who sell a range of loan products or offers from a number of lenders, referred to as wholesalers.
Mortgage brokers are basically employed by wholesale lenders to execute the roles of loan officers. As opposed to receiving a loan from a mortgage bank, the lenders offer a much lower rate to their brokers so that the broker can add on his compensation and the rate is almost the same. The rate can be lower or higher depending on the amount of compensation added on by the broker.
Through contacting a broker, borrowers may typically approach or obtain access to portfolio lenders and wholesale divisions of mortgage bankers.
A mortgage broker is a licenced person or corporation that can help debtors secure mortgage loans by selecting the best programme available and at the best rate. This usually entails locating personalised or adapted Bad Credit mortgage plans for people with poor credit.
The Equitable Mortgage Corporation
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