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    ’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can q
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    When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.

    Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there’s a third source of funding that combines the best of both--the correspondent lender.

    In order to understand the differences, let’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can qu

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    Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there’s a third source of funding that combines the best of both--the correspondent lender.

    In order to understand the differences, let’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can q

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    aving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there’s a third source of funding that combines the best of both--the correspondent lender.

    In order to understand the differences, let’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can q

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    In order to understand the differences, let’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can q

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    ’s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There’s only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business.

    Mortgage brokers have an advantage in that regard. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks.

    The third alternative, correspondent lenders, comb

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