The job of a mortgage broker is to bring together all the lenders and borrowers. At times they could be mortgage bankers, but not always. The core benefit of considering a mortgage broker is that they work with hundreds of lenders – that means so many lenders to pick the right one from. However, the loan products and packages vary as according to each broker.

LOAN WITH COMMERCIAL BANKS

There are several commercial banks that provide mortgages to buyers, like Wells Fargo and Bank of America which are two choices to turn to. The advantage of obtaining a mortgage through a bank is that the rates are usually competitive, and moreover, if you have created your official bank account, then discounts and incentives on your mortgage will be guaranteed.

LOAN WITH COMMERCIAL MORTGAGE BANKER

Commercial mortgage bankers usually represent more than a single bank and are employed in financial institutions. Despite this fact, the loans that they make are always funded by the bank itself. You should keep this in your knowledge, but a drawback that comes with this option is that the fees are non-negotiable and the loan products you choose are limited to the bank requirements.

CREDIT UNIONS AND LOANS

Credit unions are recognized for their tax advantages that other lending institutions do not provide. A credit union is typically created by a group of individuals with a common purpose or interest; as in a religious community or state government employees. Although, it could be a bit demanding, since you, as a buyer, need to meet specific qualifications to become a member and obtain mortgage.