We Also Originate

Since  1989, Our Business has been forged out of the Aspiration  of Home Ownership.   With Current market trends,  it only makes Real Dollars and Sense to invest in Property. And now's the time, to cash in on future potential for profit!$$$$$  In 1994, we expanded our operations to include Mortgage Origination for Residential as well Commercial Lending. The Lending Industry, as many of you know, is undergoing  changes,  that seem to occur on a daily basis.  I am fortunate to have a wonderful team of Originators, that look out for our borrowers. Feel free to contact us for a FREE consultation.

317-287-0565 

dollarsandsense@tds.net

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Deciding on a Mortgage Lender

Getting a mortgage isn't always a case of simply heading down to your bank and applying. There are several different types of institutions that arrange mortgages, and you may want to consider your options carefully before choosing which type to go for.

Banks and Credit Unions
Banks and credit unions use money deposited with them to make loans and mortgages. If dealing with a local institution is important to you, a mortgage banker may be a good option. Additionally, if you consolidate all your financial affairs with a single bank, it may make it slightly easier to get favorable interest rates or other mortgage terms. These lenders tend to be more choosey, and many banks and credit unions do not approve applicants with bad credit ratings.

Mortgage Bankers
Mortgage bankers are companies that are large enough to create loans and loan pools. They then sell these to other lending institutions (such as Fannie Mae and Freddie Mac). These companies raise money through a line of credit with a large financial institution. Because mortgage lending is their only business focus, mortgage bankers are often able to offer competitive terms and can offer mortgages to most types of borrowers.

Portfolio Lenders
Banks and some other large institutions have their own portfolios of loans that they do not sell on the secondary market. The terms of portfolio loans are sometimes not as competitive as loans from other types of institutions (and they are usually adjustable-rate mortgages); however they are often easier to get for people with bad credit or other financial problems.

Mortgage Brokers and Wholesale Lenders
Mortgage brokers do not actually give you a mortgage. Instead, they will do the legwork for you and find you a mortgage lender. Brokers can be helpful if you're in a unique set of circumstances - if you have bad credit, or are self-employed, for example - because they are in contact with many different mortgage lenders, and have the ability to find one which meets your needs more quickly than you might be able to yourself.