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Your choice of Saratoga Springs New York lender and
type of loan will influence not only your settlement costs, but also the monthly
cost of your mortgage loan. There are many types of lenders and types of loans
you can choose. You may be familiar with banks, savings associations, mortgage
companies and credit unions, many of which provide home mortgage loans. You
may find a listing of some mortgage lenders in the yellow pages or a listing
of rates in your local newspaper.
Mortgage Brokers. Some companies, known as "mortgage brokers" offer to
find you a mortgage lender willing to make you a loan. A mortgage broker may
operate as an independent business and may not be operating as your agent or
representative. Your mortgage broker may be paid by the lender, you as the borrower,
or both. You may wish to ask about the fees that the mortgage broker will receive
for its services.
Government Programs. You may be
eligible for a loan insured through the Federal Housing Administration ("FHA")
or guaranteed by the Department of Veterans Affairs or similar programs operated
by cities or states. These programs usually require a smaller down payment.
Ask lenders about these programs. You can get more information about these programs
from the agencies that run them.
CLOs. Computer loan origination
systems, or CLOs, are computer terminals sometimes available in real estate
offices or other locations to help you sort through the various types of loans
offered by different lenders. The CLO operator may charge a fee for the services
the CLO offers. This fee may be paid by you or by the Saratoga Springs New York lender
that you select.
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