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A bank or mortgage company that offers home loans can be called “mortgage lender”. There are eight different categories of primary mortgage lenders.

These correspondents are lenders, mortgage brokers, wholesale lenders, direct lenders, portfolio lenders, mortgage bankers, mortgage lenders online, and sub-prime mortgage lenders.

Here, the two latter categories are described in detail.

Mortgage Lender online:

If an individual or a lending agency uses the Internet to complete the mortgage lending process, it is designated as an “online mortgage lender ‘.

A mortgage lender online has several advantages over other traditional types of mortgage lenders.

The benefits offered to borrowers are:

There is no need to make any sort of paperwork.

One can apply for loans online, sitting at home.

No mortgage broker or “middleman” is involved in the process.

It also offers comparisons and real-time quotes.

The online tools are available to refine search options.

The application is expedited through pre-qualifying online.

Option for personal consultation with the mortgage banker is also available.

The whole process is easier, faster and cheaper.

SubPrime Mortgage Lender:

Deputy first mortgage lenders are independent or affiliated with traditional lenders.
These lenders offer loans if a person does not qualify for loans from other lenders.

These lenders offer loans at higher prices. Therefore, borrowers should try their best to get loans from traditional lenders, and steer clear of this category of primary mortgage lenders.

Find the right mortgage lender is required to obtain a mortgage. Each category of primary mortgage lenders differs in its functions, and the benefits it offers. Other categories are described in detail in the related articles.