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Steps to finding the best mortgage lender.

Types of lenders

Direct lenders
Direct lenders are banks, credit unions, online entities and other organizations that provide mortgages directly to consumers, so you won’t have to pay a mortgage broker to shop around for the best rates. With a direct lender, you can easily do that on your own for free.

Benefits of a direct lender: Because a direct lender offers its own loans, it keeps most of the mortgage process in-house from application to processing, so you can ask the lender questions about rates, terms, fees and more. You can compare these variables between multiple direct lenders to get a sense of what’s best for you. As you shop around, speak to lenders about their rates, terms, fees and other requirements, like down payments.

Risks of a direct lender: Rates and terms can vary widely from between lenders. You may qualify for two loans of the same size, but the rates and terms of each offer may, so you could end up with a more expensive or complex loan if you don’t pay attention to the fine print. This is one of the many reasons why it pays to comparison shop with multiple lenders.

Of course, you don’t have to work with a direct lender. There are several other ways to shop for and secure a mortgage, and here are some of the most common options.

Mortgage brokers
Mortgage brokers are independent, licensed professionals who act as matchmakers between lenders and borrowers. Brokers are usually paid by either the borrower or the lender and charge a small percentage of the loan amount (generally 1 to 2 percent) for their services. They do not fund loans, and they don’t set interest rates or loan origination fees, or make lending decisions.

Correspondent lenders
These lenders originate and fund their own loans but quickly sell them to larger lending institutions on the secondary mortgage market after the loan closes.

Wholesale lenders
Unlike direct lenders, wholesale lenders never interact with borrowers. They usually work with mortgage brokers and other third parties to offer their loan products at discounted rates, and rely on brokers to help borrowers apply for a mortgage and work through the approval process.

Portfolio lenders
These lenders originate and fund loans from their clients’ bank deposits so they can hold on to the loans and not resell them after closing. Typically, portfolio lenders include community banks, credit unions and savings and loans institutions.