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What are some of your options when looking for a mortgage?
What's really your best choice when it comes to financing a home?  When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.
In order to understand the differences, let's look at how the lending process works in each case. Banks are given rates by their institutions, telling them what interest rates they can quote to their clients on any given day. There's only so much they can do with regard to interest rates, because it needs to remain profitable in order to stay in business.
1. Your local Bank.
Your first instinct may be to go with your local bank because you know them from doing business with things such as your checking and saving accounts. But you've probably also heard that mortgage brokers can get you a better interest rate, since we deal with hundreds of lending sources.
2. Mortgage Brokers
Mortgage Brokers have an advantage. They're not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount ... more

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