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There are six main types of mortgage providers: direct lenders, mortgage brokers, correspondent lenders, wholesale lenders, portfolio lenders and hard money lenders. ... that provide short-term ...
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Hard money loans, also called bridge loans, are short-term loans commonly used by investors, such as house flippers or developers who renovate properties to sell. They might also be a solution if ...
Online mortgage lender. Bankrate Score. Minimum credit score. Minimum down payment. First Mortgage Direct. 4.8. 620 for conventional loans, 580 for FHA loans, 580 for VA loans
The selling of mortgage loans in the wholesale or secondary market is more common. They provide permanent capital to the borrowers. A "direct lender" may lend directly to a borrower, but can have the loan pre-sold prior to the closing. Few lenders are comprehensive or "portfolio lenders". That is, few close, keep, and service the mortgage loan.
Products include short term deposits, investment certificates, retirement savings plans/income funds, Tax-Free Savings Accounts, and government-insured mortgage securities. Consumer lending provides businesses and individuals services for credit cards (including those paid in full) and other loans.
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