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A mortgage - whether it's a home purchase, a
refinancing, or a home equity loan - is a product, just like a car, so
the price and terms may be negotiable. You'll want to compare all the
costs involved in obtaining a Bellingham mortgage.
Bellingham Mortgage
Sources
Bellingham Home loans are available
from several types of lenders - thrift institutions, commercial banks,
mortgage companies, and credit unions. Different lenders may quote you
different prices, so you should contact several lenders to make sure
you're getting the best price.
You can also get a home loan through a
Bellingham mortgage broker. Brokers arrange transactions rather than
lending money directly; in other words, they find a lender for you. A
broker's access to several lenders can mean a wider selection of loan
products and terms from which you can choose. Brokers will generally
contact several lenders regarding your application, but they are not
obligated to find the best deal for you unless they have contracted with
you to act as your agent. Consequently, you should consider contacting
more than one broker, just as you should with banks or thrift
institutions.
Whether you are dealing with a lender or a
mortgage broker may not always be clear. Some financial
institutions operate as both lenders and brokers. And most brokers'
advertisements do not use the word "broker." Therefore, be sure to ask
whether a broker is involved. This information is important because
brokers are usually paid a fee for their services that may be separate
from and in addition to the lender's origination or other fees. A
broker's compensation may be in the form of "points" paid at closing or
as an add-on to your interest rate, or both. You should ask each broker
you work with how he or she will be compensated so that you can compare
the different fees. Be prepared to negotiate with the brokers as well as
the lenders.
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