What is a Mortgage Lender?

Lenders lend money to individuals or  businesses.  Generally, Mortgage Companies and/ or banks are lenders.  Borrowers take out loans.  Lenders expect borrowers to repay loaned money, along with interest.  Interest represents the loan’s costs.  

A mortgage lender is any kind of financial institution that loans money specifically for land, homeownership, or any other kind of real estate purchase.  Mortgage lenders also able to refinance existing mortgages (replace old mortgages with new ones).  

Types of Mortgage Lenders

There are essentially four types of mortgage lenders (the last isn’t technically a lender, but we’ll explain):

  • Banks:  in addition to lending money to purchase cars, consolidate debt, upgrade a home, and finance a wedding, banks also lend money for mortgages.  Such loans sometimes offer borrowers discounts and other bank incentives.  Bank loans, however, come with high interest rates and, because many other individuals also apply for loans, may take a while to process.
  • Credit Unions:  credit unions are somewhat similar to banks as far as services are concerned.  Some offer mortgages at low interest rates.  Membership and loan availability, however, may be limited.  
  • Nonbank Lenders:  these are financial institutions that are not credit unions or banks.  And they specialized in Mortgages
  •  Federal Housing Administration FHA is a guarantor for any clients applying for FHA loans.
  • Mortgage Brokers:  while mortgage brokers don’t actually loan money, they help borrowers find the best mortgage lender for their particular situation.  They work for the borrower, not the lending institution, and help the borrower find and get the best deal from the most favorable source, be it a bank, credit union, or nonbank lender.  

Mutual Mortgage Lending Corporation

Since 2001, Mutual Mortgage Lending Corporation, a mortgage firm in Florida, has served the needs of residential and commercial clients.  Its mortgage experts in Florida close most loans in thirty-days or less.  Its mortgage brokers near Florida find its clients the best mortgage lender at the lowest possible rate.

Mutual Mortgage Lending Corporation uses a variety of categories to helps its clients select the best mortgage lending company in Florida.  Plus, it pledges to help clients through every step of the loan process.

Mutual Mortgage Lending Corporation also has housing loan brokers in Florida for first time buyers, VA loans, FHA loans in Florida, Reverse mortgages, conventional loans in Florida – all your mortgage needs.  

Contact Mutual Mortgage Lending Corporation today!