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A New Choice for Home Financing: Correspondent Lenders
By Jeanette Joy Fisher
Article02.html Many people in the UK, in fact as many as one in three UK taxpayers have paid too much tax! Greer & Taylor LLP a respected and trusted accountancy service provider has just launched a new website The Taxation People which can be found at www.thetaxationpeople.com the new online tax refund service is dedicated to getting the maximum legal tax refunds for indviduals whatever the circumstances on a `No Win No Fee` basis The Taxation People offer a online service, with a simple and easy to follow process that will guide you along the way as you get the refund you are entitled to. In the `my account` section of their site you can track the progress of your refund application and ask questions using a secure service. I would urge you to check out www.thetaxationpeople.com, where you can enlist the help of the The Taxation People who will get you the Tax Refund you are entitled to. Greer & Taylor LLP will be following up the success of their Tax Refund service The Taxation People by launching a cost effective Self Assesment Service, keep an eye on www.greer-taylor.com for more information. Homeowner Loans Another bill has just landed through the letterbox and your still haven`t paid the monthly direct debt to the utility firm. You`ll have to sort out funds for your credit cards next week and then there are the catalogue payments to make. It`s the same story each and every month where you struggle to keep on top of your regular payments. Having taken out dribs and drabs of loads over the last few years you now have to pay a number of companies back. What if you could amalgamate all of your loans into one fixed monthly payment? Suppose you could reduce the amount that you pay each month by spreading the payments over a longer period of time. Look into the various Homeowner Loansthat are available at the moment and you could end up paying less in repayments each and every month. Price comparison sites are the places to look if you want one of the Homeowner Loans. They`ll scour the marketplace searching for Homeowner Loansthat will suit your individual needs. Combine all of your debts into one slightly larger loan amount and you should have more money each month that can be put away for a rainy day.
Your first instinct may be to go with your local bank, who you know from doing business with them for other things, such as your checking and saving accounts. But you`ve probably also heard that mortgage brokers can get you a better interest rate, since they deal with hundreds of lending sources. It can be confusing, but there?s a third source of funding that combines the best of both--the correspondent lender. In order to understand the differences, let?s look at how the lending process works in each case. Mortgage bankers are given rate sheets by their institutions, telling them what interest rates they can quote to their clients on any given day. There?s only so much a bank can do, with regard to interest rates, because it needs to remain profitable in order to stay in business. Mortgage brokers have an advantage in that regard. They`re not loaning their own money, and are free to "shop your loan around," looking for the best terms from various lending sources. They make their money by getting loans at discount prices and then marking them up, making money on the difference. Since they have many sources to choose from, they can often find loans at lower rates than most banks. The third alternative, correspondent lenders, combines the best features from both groups. Correspondent lenders are similar to mortgage bankers in that they make the lending decision and fund the loan with their own money or credit line. However, as soon as a loan has closed, it?s sold to another lender at a previously negotiated price. It?s the best of both worlds for you as a borrower. You`ll be dealing with the banker who is funding your loan, yet that banker is able to shop your mortgage around, which can obtain you a lower interest rate. Correspondent lenders can sometimes be difficult to find, since they`re generally smaller institutions, operating on a regional basis, and it can be hard to tell whether a lender is a broker or a banker, based solely on the company?s name. One way to find out is by visiting the lender?s website, if they have one. You`ll normally find a button you can click that will bring up a page containing a detailed description of the company. If the lender doesn`t have a website, you may find their phone number in the Yellow Pages. Although they may not always be easy to locate, with a little digging, you may find that a correspondent lender offers an attractive alternative to a banker or mortgage broker when it comes to shopping for your next home loan. Copyright © 2005 Jeanette J. Fisher All rights reserved. 
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