First Time Home Buyers in San Diego

There are many different types of Loans for first time home buyers. Besides choosing the right Realtor to work with, one of the most important processes in buying your first home consist of choosing the right loan program and the right lender.  Each lender has access to different loan programs. It all depends on each individual persons situation.

There is always a cost for doing a loan.  Whether it is an up front cost or whether it is included in a higher interest rate of the loan, there is always a fee.  Feel free to ask the lender.  They should always be upfront with answering this question.

Mortgage Brokers will take your loan application and shop it to several mortgage banks to find the right loan program for your individual needs. Sometimes Mortgage Brokers do not have as much control over the processing and closing of the loan as Mortgage Bankers do.  We will discuss these next.

Mortgage Bankers are direct bankers and will handle the whole process within their company's name and funds. The only drawback is that they do not have as many loans to choose from.

Correspondent Lenders are a cross between other types. They can broker through several lenders or they can use in house lending. They have more control over your loan process than brokers and have many loan programs that they have access to.

Wholesale Lenders will work with Mortgage Brokers and Correspondent Lenders.

Does this all sound confusing? Well, yes it can be.  If you would like to ask a question, feel free to contact us at any time.