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| Mortgage Loan in Chennai |
In a time
that seems so long ago, when you applied for a mortgage, it was assumed you
would go to your local bank -- the institution where you kept your savings and
checking accounts - to also obtain your home loan. I can't exactly put my
finger on the time period where this changed but we are now in a more modern
era and the process is usually quite different.
Yes,
banks and credit unions still have a large market share for mortgage
origination, a larger chunk of market share is now occupied by companies whose
business is specifically to originate mortgages.
As one
can imagine by looking at the number of competitors in the market place, there
is a lot of money to be made by the companies that provide or find mortgages
for home buyers, not only on the interest, but also on closing costs and other
fees. When looking at companies specializing in mortgage lending, there are two
basic categories of mortgage originator...
Mortgage
Banker and Mortgage Broker.
Lets look
at the mortgage banker first. When you do business with a mortgage banker you
are dealing directly with the company making your loan. Often the term direct
lender is used to describe a mortgage banker. The mortgage banker may not be a
mortgage servicer, meaning they are not ultimately going to be the company
where you make your mortgage payments, but it is their underwriting decision to
determine if your loan meets the guidelines of approvability. Although a
mortgage banker is typically limited to the products they will offer to
borrowers, many mortgage bankers maintain relationships with
"wholesale" lenders where they can broker loans should a borrower's
request or borrowing profile not meet their own mortgage loan offerings.
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