Home buyers can seek financing from either of two sources:
* Mortgage brokers. These firms will go to many different potential
lenders, which might provide you with a home loan.
* Mortgage lenders. Alternatively, you can go directly to a bank,
S&L, or credit union that will make you a loan, if you qualify.
A broker may be more willing to work on getting you the best terms
for your loan. A broker also might be more accessible, after hours,
than traditional lenders.
Lenders, on the other hand, may have more resources. You can work
with a loan officer who’ll bring in specialists, when appropriate.
Today, most mortgages are arranged through brokers, who may be able
to help you negotiate an increasingly complex mortgage market.
However, you shouldn’t ignore the possibility of working directly
with a lender, who likely will have more control over the entire
process. A bank’s loan officer may be better able to deal with any
problems as they come up.
