There are a multitude of different lender types in the housing market and before refinancing or borrowing it pays to know who’s who. Each option has it’s pluses and minuses it comes down to choosing the person or institution that suits your needs and who you feel comfortable with. Here’s a brief intro:
Mortgage Brokers
Mortgage brokers are responsible for introducing borrowers to lenders – they act as an intermediary offering prospective borrowers information on various lending institutions and their products. With the various types of lending institutions available, not to mention the vast array of products on offer, the borrower has various options and choices. The task of the mortgage broker is to determine the most suitable loan for the borrower. While the broking service is often free, a small fee may be charged, and the broker will generally receive commission from the lender they recommend.
Mortgage Managers
Mortgage managers are lending specialists who arrange funding for home and investment loans. Unlike banks,building societies and credit unions, mortgage managers do not have a base of customer deposits with which to...
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