Definition
The bank or financial institution that provides you with a loan to buy your home, which you repay with interest over time.
What to consider
- Shop around for competitive rates and terms.
- Make sure your credit is in good shape before applying.
- Establish a relationship that could benefit future refinancing.
Real world scenarios
- Andrea compares rates from three different lenders to secure the best deal on her new home loan. She values straightforward communication about closing costs.
- Mark’s lender provides online tracking tools so he can check application progress and upload required documents any time.
- Katie’s reliable mortgage lender guides her through the approval steps, ensuring she fully understands each phase from pre-approval to closing day.
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