Where Should You Go To Get Your Mortgage?

Banks, Personal Loans, where should you go to get money for your dream home. The economy today is in a lot of trouble yet the banks and Mortgage Companies are throwing money around. Why? Well I think it all boils down to they can right this money off if they do not get it back from you as a bad loan or investment come tax time.

Let us start with the Bank loan. When applying for a Bank loan for your Mortgage have you ever noticed that the Loan officer looks at you as though you were a side of beef? He or she is ready to feed off of our carcass. And the paper work involved. I do not know about you but I feel like I have written a short novel by the time I am done filling out all of the paperwork they have handed me. Then they walk away from the small cubicle that they have been occupying with you for the last hour or so only to return with a whole new set of papers that need you to initial here and sign and date there and then initial that you understand what your signature is for. Then you get the cordial, thank you and we should have an answer for you in a week to ten days. This is why if you stand outside the bank and you notice people coming out all crossed eyed, chances are they have just spent time with a Loan Officer in the bank.

The Personal Loan, this type of loan can actually come from 2 different types of places. One can be a Personal Loan from a banking institution and the other can be a Personal Loan from a friend or relative. Both have been known to be used to pay off Mortgages thus making both be called Mortgage Lenders. The Personal Loan from a banking institution requires most of the following, a credit check, established credit, an established bank account, a good job and the list goes on and on. And of course a couple of hours of your time for the dreaded signatures and initialing. The Personal Loan from a friend or family member requires usually just a solid relationship between the two people involved, a promise to pay it back and of course some understanding on the borrower’s part that your friend or family member will turn into somewhat of a Loan shark. By this I mean be prepared to get funny looks should you splurge on the best meat at the grocery store or if you buy that new pair of shoes or if you decide you need a night out on the town. The friend or family member will let you know that they feel that this is far too much spending on your behalf especially since you borrowed money from them to pay or get a Mortgage.

Rex Steel has been involved with the mortgage industry for over 25 years. He has written countless informative articles. To view more on the mortgage industry please visit his new and informative website.

Article Source: Where Should You Go To Get Your Mortgage?