A lender is a financial institution that lends directly to you. A broker doesn't lend money.
A lender is a financial institution that lends directly to you. A broker doesn't lend money. A broker can work with many lenders. Your mortgage lender is the financial institution that lent you the money.
Your mortgage servicer is the company that sends you your mortgage statements. Your servicing entity also handles the day-to-day administration tasks of your loan. Non-bank lenders are not considered to be large scale banks because they do not offer lending or deposit services.
PenFed Credit Union is the only loan company that uses only your Equifax credit data. In most cases, you won't be able to determine that.
Every day, banks receive rate sheets. This doesn't mean that rates change on a daily basis, but they can.
Because of their size and financial resources, large banks may offer lower mortgage rates than other types of lenders. Paying a lower rate reduces your monthly payment and saves you money on total interest expenses over the life of your loan.
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