Mortgage Market
April 8th, 2008Mortgage Market
The Mortgage Market And How It Works
The mortgage market can seem complicated to the uninitiated. The fact is that it is not as complicated as it is ever-changing. Most people have no idea how the market works. By understanding this, you will get a better idea about mortgage programs that are offered by certain lenders. Armed with this new information, you can make an informed decision in your quest for the perfect mortgage.
Who Are The Lenders?
The first step in understanding the mortgage market is to understand who is actually loaning you the money. An important distinction that you must make is between institutional lenders and private lenders. Institutional lenders are:
- Commercial banks
- Savings and loans
- Credit unions
- Mortgage banking companies
- Pension funds
- Insurance companies
These lenders make loans based on income and credit of the borrower.
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