Question:

What is a home mortgage direct lender?

Answer:

Every mortgage lender who is not a broker, is a home mortgage direct lender, to put it shortly. Sometimes, an organization may be functioning as both. Usually, a mortgage broker will employ not more than ten employees while a home mortgage direct lender will have different departments (retail, wholesale, etc.). It is a controversial topic whether it is best to approach a direct mortgage lender or a mortgage broker.

With a home mortgage direct lender you are restricted only to one or several loan programs to be offered to you. A broker will be shopping loans from many lenders and may get exactly what you need. However, with a lender you may get better rates, but not necessarily always.

The best way to find out if you are dealing with a direct home mortgage lender or with a broker is to ask them or check their registration and testimonials.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: