The advertisements seem endless. On the radio or on cable TV and on the internet, some lender somewhere is teasing you with their new loan programs or their mega-low rates or other special features. One lender claims to have the lowest closing costs while another lender offers a special first time home buyer program. Are lenders really all that different? คอนโด ราคาถูก
Rewind 10 years ago to 2003 and you could find these loan programs:
· Subprime
· No Income No Asset
· No Money Down Investment
· Negative Amortization (Payment Option)
· No Credit
· Conventional
· Government
· Conventional
· Government
Mortgage lenders from every nook and cranny of these United States offer these two programs. Currently, there are no others. A bank can issue their very own internal loan and keep the loan in their portfolio but these loans are rare. Today, lenders offer a conventional or government loan.
A conventional loan is a loan that is underwritten and approved by lenders, often using guidelines established by Fannie Mae and Freddie Mac. Government-backed loans are mortgages underwritten o VA, FHA and USDA guidelines. That's pretty much it. There are two types of programs available in the marketplace.
So how then are lenders different? In terms of loan programs, they're not. Yet lenders spend millions of dollars each year distinguishing themselves from one another. A bank can promote their first time homebuyer program but that doesn't mean the bank down the street doesn't offer the same loan. In fact, they do.
Mortgage lenders can attempt to differentiate themselves through marketing and while their individual approach may be different in terms of how they find loans the fact still remains that Lender A has the same loan programs as Lender B.
There are other ways to compare lenders; but having different mortgage programs is not one of them.
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