Homebuyers who obtain market interest rate loans from banks can benefit from the attractive home loan packages the banks offer on a competitive basis. Banks have greater flexibility in their loan packages and refinancing of loans, and are known to customize their loan packages to meet their customers' financing needs.
Banks do most of their lending on a short-term basis, such as auto loans and business loans. At times, however, they also make long-term mortgage loans.
A true mortgage banker is a lender that is large enough to originate loans and create pools of loans that they sell directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker. Mortgage bankers can vary greatly in size. Some may service the loans they originate, but not all of them will. Most true mortgage bankers have wholesale lending divisions.
If you would like to learn more about other types of lenders, click any of the links listed below:
In this section you will find out information about each type of lender and also find specific information about the most popular lenders of today, such as:
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