mortgage-lenders-or-banks

Mortgage Lenders vs Banks: What is The Difference?

Jan 20, 2016 (0) comment

Buying a property has certain factors associated with it. For potential home owners, the most important of these factors is securing a mortgage. It matters not where in the world you live, the question 1,000’s of people ask every day is “Where to go for a Mortgage Company or Bank?

There are many mortgage companies in MA and banks to choose from. In making the decision of which to choose Mortgage Company or Bank – the first thing to do is to compare both these sources to get a clear picture about mortgages themselves.

Popularity of Mortgage Lenders vs Banks for Home Loans

In recent times, there has been a significant rise in the number of people opting to use mortgage lender over banks. The primary reason for this popularity is that with banks, borrowers are restricted to the products and services available through that bank. Comparatively, with Massachusetts mortgage lenders as with anywhere, the scenario is entirely different: these mortgage lenders have a host of resources they can access, including independent lenders, national and local banks and government agencies.

Comparing Mortgage Company and Banks

The primary advantage of working with mortgage lender is the fact that they have access to numerous lenders across your region. As a consumer, you will never be aware of all the various mortgage lenders however, mortgage lenders have exclusive access to these sources.

This plays into its own when you consider what happens if the bank you choose turns down your application – for whatever reason – the bank is done with you. However, with mortgage lenders this will never be the case. If one source rejects your application, the lenders will try the next suitable lender.

Mortgage lenders in MA, like the rest of the country, have comprehensive knowledge and expertise about various lending options, unlike banks that can only provide the mortgage loans products available to them.

The vast expertise of local mortgage lenders can be very helpful for borrowers in more ways than one. Along with critical guidance related to credit score, the local mortgage lender offers other benefits including doing all the leg work for you and generally being less bureaucratic, comparing wholesale mortgage rates, providing loan options and utilizing their knowledge of various lending partners all of which benefits the home owner.

How Mortgage Lenders Finance Mortgages?

Mortgage lenders or mortgage companies in MA are experts in this industry. They not only process your mortgage applications from the start, but will also ensure that you find the best lenders for you.

An important point to note here is that mortgage lenders offer origination services. The actual loan will be disbursed to you by a financial institution, the lender will assist you in reaching such institutions as well as assisting you throughout the entire process.

Again, due the vast number of resources available to lenders, borrowers can rest assured that they will find the best mortgage companies/financial institutions for their loan requirement.

Drew Mortgage Associates a top mortgage lender in MA can be a perfect partner for all your mortgage related needs. The mortgage company in MA provides expert assistance from start to completion; the perfect one stop destination for every mortgage related need.

Find out more about Drew Mortgage Associates by visiting the company website at www.drewmortgage.com or get in touch with them on their toll free number: 877-949-3739.

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