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Mortgage (amortising or reducing)
The principal and interest type loan which is the most common form of housing loan. The repayments through the term of the loan include both interest and principal.


Mortgage (Fixed or interest only loan)
The amount borrowed is not repaid until the end of the term of the loan. Repayments made are only payments of interest

Mortgagee
The person(s) who lends the money.

Mortgagor
The person(s) who borrows the money



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What is a Reverse Mortgage: Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in

Mortgage Categories: A detailed description about the different types of loan programs fixed vs adjustable rates,conforming, jumbo, FHA, VA.

Mortgage Terms: ABC's of Real Estate glossary for real estate and mortgage terms and definitions for home buyers, home sellers, and real estate consumers.

Mortgage Rates: The amount of your loan can increase your interest rate if the amount financed exceeds the conforming loan limits established by Fannie Mae and Freddie Mac.

Mortgage Calculator: Calculate the lowest mortgage and loan rates. Learn your monthly payments, borrow amounts, points, refinance and interest.

Home Equity Loan: Agree to an equity line of credit if you don't have enough income to make the monthly payments.

Types of Mortgage Interest Rate: Here is a useful guide to the different types of Mortgage Interest Rates that are available.

Remortgages Guide: Remortgaging has become increasingly popular due to the relatively simple and flexible process.

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 Today's Article
When you're looking for a home loan, you might work with an officer at a bank or other lending institution, or you might choose to work with a mortgage broker. The end result is the same - a new house, but the two types of jobs differ.

Bank Loan Officers: The loan officers at a bank, credit union or other lending institution are employees who work to sell and process mortgage and other loans originated by their employer. They often have a wide variety of loan types to draw from, but all originate from that specific lender.

The loan officer takes your mortgage application and works to find a loan product that suits your needs. If your personal credit is approved, the officer moves forward to process the home purchase transaction.

Mortgage Brokers: Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance mortgage agents.

Think of mortgage brokers as scouts. They find and evaluate homebuyers, analyzing each person's credit situation to determine which lender is the best fit for that person's needs. The mortgage broker submits the homebuyer's application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

The mortgage broker working to secure your loan is earning a fee for that transaction - and the better deal they achieve for a lender, the more they are paid. Don't be too anxious to disclose the interest rate you would be willing to accept, let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

Many of the mortgage options advertised online are by mortgage brokers. What difference does it make? Maybe none, but you should be aware of the differences between the two positions. A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

Mortgage brokers can often find a lender who will make loans that a bank refuses. Problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

About the Author

Lana Hampton makes it easy to find the mortgage right for your needs. Visit http://www.yowsmortgage.com today for the latest mortgage information.



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