Are you looking for financing options? Shopping for a mortgage loan can feel both confusing and overwhelming. With so many different lenders on the market, choosing the right one for your specific needs can be a complex endeavor. The most critical factor of the process is deciding on the type of loan, but working with the right lender matters too. The most common mortgage loan is a Conventional Fixed Rate Mortgage loan, which provides a fixed loan amount over the life of the loan. Other types of loans include Interest-Only Mortgage, Adjustable Rate Mortgage (ARM), FHA Loans, VA Loans, Combo Loans, Balloon Loans and Jumbo Loans.
Finding the right loan and lender can save you a lot of money, time, and stress and taking the time to shop around is important! You may also consider engaging a Mortgage Broker, which is a trained professional who acts as an intermediary and brokers mortgage loans on behalf of individuals for a commission rate (usually 1% of the loan amount). In terms of lenders, there are two primary types that most people work with: retail lenders and direct lenders. Other types of lending include wholesale, portfolio, and warehouse, to name a few. Retail lenders are the traditional banks, credit unions and mortgage bankers. On the other hand, Direct Lenders originate their own loans and specialize in mortgage lending whereas Retail Lenders offer other services like auto loans, checking accounts and tend to have stricter underwriting ruled. Direct Lenders tend to have more flexible qualifying guidelines and mostly operate online only.
At MMK Realty LLC we are often asked for a lender recommendation. Our preferred mortgage lender is Steve Myers of ALCOVA Mortgage. We love ALCOVA Mortgage because they are a private and client-centric company who offer clients personalized service. Learn more about ALCOVA Mortgage today.