Mortgage Companies – What Type Of Company Do You Need?
There are actually four main categories of mortgage companies. They are banks and financial institutions, private mortgage companies (PMCs), mortgage brokers, and other entities that offer specialized services such as mortgage insurance. These categories can all be grouped into two main groups: private and institutional. The ones that work best with your current financial situation will vary depending on the situation of each person applying. This will also depend on the type of loan that you are applying for.click for more info
Banks and financial institutions work for the federal government and act as financial intermediaries for all sorts of financial transactions. If you need to refinance or modify a loan, this is probably the easiest category of company to work with. Banks typically do not require any documentation beyond a job or income history to be considered for a loan, which means that almost anyone can apply. They can also get you an application approved within 24 hours of submission if they feel that you are a good candidate. You will only have to fax them information such as income statements and bank statements to meet this requirement. If you are looking to purchase a home, you can easily find the type of lender that you are most comfortable with from banks, but some of the more competitive private mortgage lenders are available. This can be a bit more difficult but is possible.
Private mortgage lenders are the type that offers the most specialized mortgage products. They deal with the lenders of their client’s loans. Private lenders are generally the only ones that have access to the private housing market and thus can offer you the type of loan that will be best for your specific situation. Some private mortgage lenders have the same lending principles that banks use. For example, they are still using the same underwriting process, as well as the same underwriting guidelines. Private mortgage lenders will charge higher interest rates, but will give you a lower monthly payment than banks would be willing to do.
CONTACT INFO :
Company Name: The Equitable Mortgage Corporation
Street Address: 24301 Walden Center Dr., Unit 300
City: Bonita Springs
ZIP Code: 34134
Country: United States
Phone Number: 239-695-7796