Question:

What is a home loan provider and what type of home loans they provide?

Answer:

A home loan provider is a term that can refer to anybody in the mortgage industry. Be it a bank, a private institution, a mortgage broker, a mortgage banker, a wholesale / retail lender, a correspondent lender - anyone who is able to provide you with a home loan, or shop a home loan for you goes under the category of home loan providers. A home loan provider may be a federal institution, such as Freddie Mac or Fannie Mae, or one of the myriad of privately operating banks, financial institutions and smaller lending companies.

A home loan provider most often will be able to fetch you a variety of home loans. A few popular home loans types are home purchase, home improvement and refinance loans, as well as the reverse mortgage loans gaining greater popularity among seniors. Others may include, and are not limited to, home construction loans, bridge loans and land purchase loans.

Home loan providers also specialize in serving different type of customers - for example, there will be prime home loan providers, serving people with credit score over 650. Others will specialize in subprime loan lending, serving people with less good or no credit.

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Common misspellings: mortage and morgage