Saturday, September 21, 2013

What is a Lender?

Most people refer to getting a mortgage with their bank.  
Of course banks can lend money to buy a home but in this capacity they are a lender.  Banks are where we have checking and savings accounts and get credit cards.  Most of the time, the Lender is facilitating the transaction and is in essence “Servicing” the loan for an underlying investor such as Freddie Mac or Fannie Mae.  Some Lenders keep the loan in-house like Credit Unions.

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