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4 Types of Mortgage Lenders For Your Huntsville AL Home Loan

By: Huntsville Real Estate Expert Mike Manosky On July 26, 2011

One of the least understood aspects of Huntsville AL home loans is the different types of lenders.  Many people assume they have to get a home loan from a traditional savings and loan.  Not so.  There are many different types of lenders. 

Here are the main types of mortgage lenders and how they function:

  1. Mortgage Bankers: Mortgage bankers are loan originators that operate with the sole objective to sell the loan they create to another source. Even though they will sell the loan they must have the ability to finance the loan in the first place and hold it until it is sold. 
  2. Mortgage Brokers: This type of lender does not originate loans for your Huntsville AL home, they prepare the paperwork to submit to multiple lending institutions and get offers they will present to you to choose from. Their offers may come from any of the other types of mortgage lenders. 
  3. Banks and Savings & Loans: These are the most common traditional sources of mortgage loans.  They use the backing of their depositors to fund mortgages.  In turn, they use the money paid by borrowers to repay the depositors’ interest for allowing them to use the money as an investment. 
  4. Credit Unions: Credit Unions operate in largely the same way a bank or savings and loan does by using money from a pool of depositors to finance investments in the form of mortgages and other types of loans. The difference is that most credit unions are operated out of a collective pool of closely associated people generally through a work place or professional organization.

If you’d like help determining the best type of mortgage lender for your Huntsville AL home purchase, give me a call today at 256-508-0211 Direct or 800-803-0053 Toll Free or email me at mike@movetohuntsville.com

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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special.  In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville. 

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience.

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