Mortgage lenders have control over a variety of aspects in the loan process. They lock the loan term and rate, verify the loan information, and draw the loan document in preparation for funding. Upon closing the loan, they also service or sell the loan. While the loan origination process is usually handled by mortgage brokers, finding and counseling customers, taking their application and processing it can be handled by a mortgage lender. In other words, a mortgage lender can handle the entire loan process.
When it comes to ARMs there's a basic rule to remember...the longer you ask the lender to charge you a specific rate, the more expensive the loan.
Adjustable Rate Mortgages (ARM)
September 9, 2015
Mortgage lenders have control over a variety of aspects in the loan process. They lock the loan term and rate, verify the loan information, and draw t...
What do Mortgage Lenders do?
August 8, 1998
A credit score measures a consumer's credit risk relative to the rest of the U.S. population, based on the individual's credit usage history. The cred...