What type of lender is the best? Bank, Private Lender, Credit Union?
In the process of looking for a lender and would love to hear suggestions. Do I pick a bank, broker, private lender or credit union? We are looking at a $500,000 home and I have $100k saved up for down payment and closing costs. What are the best rates I can get at the moment? Should I lock rates since they seem to be rising daily? by peterhoeg735 from Edmonton, Kentucky. Jun 15th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The two major differences is that with non-bank lender (so brokers), the Loan Officers are REQUIRED to have a personal license to assist you, while bank and credit union Loan Officers do not. This doesn't mean a bank or credit union Loan officer can't be licensed, they just usually are not. Do you want to work with a licensed person or not? Next, brokers can offer the programs and services of many lenders, giving you the widest variety of options, while banks tend to only offer their own products. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
Ask our community a question.
Get an answer
Related Questions
