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Different Ways to Get a Mortgage

By Ben Levy

Starting the process of buying your first home can be exciting and scary. Here are a few simple guidelines to follow after making the decision to buy. One should examine all potential options before making a decision on who to buy from.

The first and most predominant type of mortgage lending agency is a "mortgage broker". These are people whose only business is dealing with lending organizations and can often fight to get you the best deal. They are also usually very aware of trends in the market and lending institutions.

The next type of lender is a mortgage banker which is an individual who works for a specific bank but who specializes in dealing mortgages. Then there is the Credit Union. Credit Unions have a leg up in the mortgage market as they are not susceptible to the same kinds of fees and taxes as large banks are.

Have a rich uncle? Many people do not realize that anyone is able to legally lend money for the purchase of a home so long as they are doing it legitimately (so that the IRS can see) and that they are following all applicable laws and regulations. This may be a good option if you do not have very good credit or if you do not like the idea of a corporate bank.

Weigh all of these options and perhaps speak to a financial planner. Get a printout of your credit score and be fully aware of where you stand going into the real estate market.

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