There are several types of lenders offering mortgages including banks, mortgage companies, trust companies, and credit unions. Different lenders may offer different prices, so it’s in your best interest to shop around to make sure you get the best rate.
It’s also possible to get a mortgage through a mortgage broker. A broker arranges financial transactions rather than lending money directly, which means they find a lender on your behalf. A mortgage broker’s access to several lenders means a wider selection of loan products and terms from which you can choose.
Although it doesn’t usually take more than a few days to receive a mortgage approval, it’s recommended to get a pre-approval if you’re placing offers on properties or looking to purchase pre-construction. Mortgage approval is almost always a condition of purchasing a house as this condition assures everyone involved that you’re able to pay back the mortgage without defaulting.