Finding the Right Mortgage Lender

By Gil Mackey
Local Lender Columnist
Apr 18, 2008
Not all Connecticut lenders are the same. Understanding the difference between lenders can help save you some time in your search.

Mortgage Lender Shopping: You do the Work

Just as you have to hunt around for the perfect CT home, you may also have to shop for the perfect mortgage lender. Check online, by phone, or in person. Work with a lender who asks you enough questions to pinpoint the best loan and with whom you feel comfortable.

Banks vs. Credit Unions: Which Makes the Better Lender?

Though banks and credit unions offer very similar services, they differ widely in how they operate. Banks are profit-driven and may offer a greater range of products. They may also feature less stringent guidelines. Credit unions are owned by members for their benefit. Any earnings for the credit union go back into the union to benefit its members. This can mean lower interest rates for your mortgage but often higher qualifying standards and fewer product offerings.

Mortgage Brokers: the Right Lender?

If you are looking for competitive rates or a variety of home loan options a CT mortgage broker might be the place to check. A mortgage broker specializes in working with many wholesale lenders and can locate a wider variety of products. The broker doesn't actually lend the money like a bank might, and it may take longer to close a loan through a broker because control of the transaction rests largely with the actual lender. Most mortgage brokers are familiar with a variety of home loan and refinance options and can work with you to find the mortgage solution that fits your needs.

About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, Gil writes for his local paper, and lives with his two children in Nevada.