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Shopping for a Mortgage

When shopping for a mortgage, whether it be a purchase or a mortgage refinance, traditionally a borrower may be thinking about a local bank.  With the use of the internet, mortgage financing can be accessed from home through a variety of sources.  Of course, your local bank or credit union is still a place to go to obtain financing, but you do have other options as well. 

If you are ready to buy a house, or you are thinking about refinancing your current home, a personal banker at the bank where you keep your money is one place to get a mortgage.  Most banks will post their rates online, which is convenient if you have online banking.  You may even be able to apply for a mortgage online.  Most brick and mortar banks have a personal banker or loan officer on staff, which gives you the ability to walk in and talk to someone in person.  You may not even need an appointment, and the loan officer may recognize you if you frequent the bank, which may offer a personal feel to the process. 

Online banks are also a choice for obtaining a mortgage.  Some online banks will post their rates online, which is handy if you do online banking.  You may even be able to apply for a mortgage online.  One you have applied online, a mortgage loan specialist calls you to answer questions and guides you through the loan process. Any documentation needed can be securely emailed, which may be a convenience. 

A mortgage broker or a bank which does correspondent lending is another option.  A mortgage broker has a variety of loans available because his or her loan products come from more than one bank.  The rates they offer comes from lending institutions , and can be very competitive because the mortgage broker does the legwork for the lender which cuts down on the amount of overhead that lender might need for a brick and mortar office.   A mortgage broker can help narrow down which loan works best for your particular situation.   Now days, mortgage brokers are federally license d and registered with the  

As you can see, there are many options when shopping for a mortgage.  If you are in the market to buy a new house or investment property, or looking to refinance away from a bad credit mortgage, you do have more options than your parents did.  Shopping for a mortgage can mean driving across town or one can be found as close to you as your fingertips!