Where
Can I Get a Home Loan?
Here Are The Top 5 Mortgage
Lending Institutions
by
Syd Johnson
There
are hundreds of sources for home loans online
and right in your neighborhood. Banks, Credit Unions,
Mortgage Bankers, Government Agencies and Private
Sellers all offer different sources of financing for
anyone shopping for a mortgage.
Neighborhood
Banks
One of the
best resources for getting a home loan is your
neighborhood bank. Depending on the length of
your relationship with the bank and the amount you
have in you checking or savings account, you might be
sent out letters and emails inviting you to apply for
a loan. If you are generally satisfied with the
quality of the service that you receive form your
bank and they are offering a great interest rate,
don’t walk away.
Even if the
offer is not quite what you’re looking for, walk
into the nearest branch, and ask to speak to a loan
manager. Once you are there, make your case in person
for why you would like a certain loan or feel that
you deserve a better interest rate. Most banks,
especially the ones in larger cities, are part of a
larger conglomerate or depend on a large conglomerate
to finance items such as a home loan. Go through the
process with the loan officer, but don’t be
surprised if you don’t get an answer on the
spot. It might take a day or two.
Credit
Unions
Some of the
lowest rates on any type of loan product such as
student loans, mortgages and personal loans can be
found through a credit union. If you are eligible to
join a credit union, sign up and set up a savings
account with small monthly deposits. This way,
you can use the resources of the credit union when
needed.
Mortgage
Bankers
These firms
deal exclusively with home loans and give you the
widest possible selection of home loan products. You
can find local and national Mortgage Bankers by doing
a quick search on Google or Yahoo. Go to the
website of several different firms, fill out an
online application and you can be approved in a few
hours.
Government
Agencies
The agencies
that lend mortgage money include the Federal Housing
Authority (FHA), Veteran’s Administration (VA)
and the Farmers Home Administration (FmHA). Contact
each agency directly to see if you meet their
requirements.
Private
Sellers
An often
overlooked financing alternative is to see if you can
lease a property from a homeowner with an option to
buy later on. If the homeowner has the resources,
they can also finance your move in with a low
interest loan.
Check out these
resources individually or discuss your options with a
loan officer.
_____________________
About
The Author
Syd Johnson
is the Executive Editor of RapidLingo.com, Financial
Solutions Website. You can see more articles at http://www.rapidlingo.com
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