If you are in the market for a new home, or are looking to refinance your mortgage, there are an ever increasing number of lending options that exist for you as a homeowner.  Here are some of the potential lenders you can choose from to get your mortgage, as well as some of the pros and cons for each choice.

Mortgage Brokers

A huge number of real estate loans are made through mortgage brokers, and as they are essentially a middle-person between you and a lender, choosing a broker can save you time in shopping around for the best fit.  Be sure to ask about the variety of products offered by a specific broker, as they will vary and are dependent on the broker’s number of working relationships.


Commercial banks offer a wide variety of financial services, and mortgages are definitely one such option.  Banks can usually offer competitive rates and are a safe mortgage option for most potential homeowners, but their choices are usually limited.  If you already have an existing relationship with the bank you choose to deal with, you may qualify for certain discounts or incentives.

Savings & Loan Associations

Savings and Loan Associates do most of their business through mortgages, and their primary source of income is through making real estate loans.  The process of applying through such an institution can be simpler than through a bank; however, you may not get the best rates or the protection that a more traditional lender can offer.

Credit Unions

These institutions are formed by a group of individuals with a common interest, and customers who meet all the qualifications for membership are eligible to obtain a loan.  In many cases they offer very competitive rates and terms.

Private Individual

As long as all federal and state regulations regarding a real estate loan are covered, any individual can make such a loan as long as they have the appropriate funds.  This can either be a great option or a disastrous financial choice, depending on the terms of the loan and the agreed interest rate.  Seek out the advice of a financial advisor and attorney before signing any such document with an individual.

While there are seemingly an unlimited number of lending options for your mortgage, a little research and professional advice can help you make the choice that is right for you.