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By Syd Johnson
There are hundreds of sources for home loans online and right in your
neighborhood. Banks, Credit Unions, Mortgage Bankers, Government Agencies and
Private Sellers all offer different sources of financing for anyone shopping
for a mortgage.
Neighborhood Banks
One of the best resources for getting a home loan is your neighborhood bank.
Depending on the length of your relationship with the bank and the amount you
have in you checking or savings account, you might be sent out letters and
emails inviting you to apply for a loan. If you are generally satisfied with
the quality of the service that you receive form your bank and they are
offering a great interest rate, don’t walk away.
Even if the offer is not quite what you’re looking for, walk into the nearest
branch, and ask to speak to a loan manager. Once you are there, make your
case in person for why you would like a certain loan or feel that you deserve
a better interest rate. Most banks, especially the ones in larger cities, are
part of a larger conglomerate or depend on a large conglomerate to finance
items such as a home loan. Go through the process with the loan officer, but
don’t be surprised if you don’t get an answer on the spot. It might take a
day or two.
Credit Unions
Some of the lowest rates on any type of loan product such as student loans,
mortgages and personal loans can be found through a credit union. If you are
eligible to join a credit union, sign up and set up a savings account with
small monthly deposits. This way, you can use the resources of the credit
union when needed.
Mortgage Bankers
These firms deal exclusively with home loans and give you the widest possible
selection of home loan products. You can find local and national Mortgage
Bankers by doing a quick search on Google or Yahoo. Go to the website of
several different firms, fill out an online application and you can be
approved in a few hours.
Government Agencies
The agencies that lend mortgage money include the Federal Housing Authority
(FHA), Veteran’s Administration (VA) and the Farmers Home Administration
(FmHA). Contact each agency directly to see if you meet their requirements.
Private Sellers
An often overlooked financing alternative is to see if you can lease a
property from a homeowner with an option to buy later on. If the homeowner
has the resources, they can also finance your move in with a low interest loan.
Check out these resources individually or discuss your options with a loan
officer.
Syd Johnson is the Executive Editor of RapidLingo.com (http://RapidLingo.com),
Financial Solutions Website. You can see more articles at http://www.
rapidlingo.com (http://www.rapidlingo.com).
This article may be freely distributed as long as the author`s bio is included
with an active link to http://www.rapidlingo.com (http://www.rapidlingo.com).
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