Lender

What is a Lender?

A lender is a public or private group that makes funds available to a person or business with the expectation that the funds are re-payed like a debt. Paying back the loan can include interest, fees or other increments. A mortgage is one of the largest loans you can take out as a consumer.

Understanding Lenders

Lenders will offer there services in the form of a loan or mortgage. The specific loan used will outline how it can be satisfied or re-payed. If the funds are not paid back the lender can go to a collections agency

How is the decision made to lend or loan money?

Individual Borrowers

There are many factors that come into play but things like credit history and credit report. These reports can outline other lenders that may be extending credit. You can see the types of credit, payment history and more. The information is then used to make an educated decision whether the borrower can handle the extra payments.

What is a mortgage broker?

A mortgage broker works as a go-between, that functions in between you and lenders. In other words, mortgage brokers do not make the rules as far as the borrowing guidelines, timeline and completed loan approval. Brokers are the licensed professionals that collect all qualifying documentation. They can advise you on things that are on your credit report and help with financial decisions that can ultimately strengthen your credit score. As a result, this advise can strengthen your chances of getting approved. Most mortgage brokers work for mortgage companies that are independent so they can purchase multiple lenders on your behalf . This than allows you to find the best rate possible for the Denver Colorado area. Mortgage brokers will close a deal and then typically get paid at that point, which is a commission at closing.

Key notes:

 

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Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York.  To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.