What Is a Mortgage Lender?
If you are on a home-buying spree, you are definitely going to come across the term Mortgage Lenders. A Mortgage Lender is a financial institution like a bank that offers and underwrites home loans. They charge a certain fee from the borrower for their services.
What Does a Mortgage Lender Do?
Mortgage Lenders follow a meticulous process to evaluate and verify the following aspects of the borrowers.
Borrower’s creditworthiness and
Borrower’s ability to repay a loan
According to the above-mentioned parameters, the Mortgage Lenders set the terms, interest rate, repayment schedule, and other key points of the mortgage to the borrowers.
How to Choose a Mortgage Lender?
As a borrower, you are recommended to compare mortgage rates and other loan parameters such as fees, time to close, the loan tracking facility, and customer care service of the different Money Lenders. Assess the available information and make smart decisions, it may save you thousands of dollars over the loan.