Many financial institutions offer residential mortgages, but not all are home loan specialist.
Your best bet is to work with the lender that offers you the greatest depth of expertise—and will be around to serve your real estate needs for many years to come.
Savings institutions, which include savings banks and savings and loans, help more people buy homes than other types of financial institutions.
These institutions were founded with the specific intention of making funds available for homeownership.
Today they still offer borrowers the greatest stability, service and the fastest turnaround time.
When you borrow from a major savings institution, you can rest assured that it will still be there to answer your questions-tomorrow and for many years to come.
Though many commercial banks also offer home loans, they are not residential lending specialist.
These financial institutions do most of their business in commercial and consumer loans, their areas of specialization.
Credit Unions are non-profit financial cooperatives that serve a specific membership, such as employees of a specific company, or members of a professional organization.
While some credit unions offer home loans to members, they may not be equipped to provide the level of professionalism, expertise and service you would find with a home loan specialist.
Mortgage companies serve as intermediaries between buyers and lenders, helping you find the best loan from a variety of sources.
Because they are loan packagers rather than loan originators, they have no control over the loan approval period.
Mortgage companies charge an extra fee for their services, so you may save money-and get quicker approval– by working directly with a lender.
Mortgage companies also tend to come and go, and do not offer the long term strength and stability of a savings institution.
When choosing a lender, I would be happy to provide you with a recommendation that will perhaps serve your needs best!
