Banks, private lenders and credit unions are traditional mortgage lenders. Banks and private lenders are almost the same, with the profit being the primary motive. Credit unions act in the best interest of the members and should be trusted more. Because the profits earned by a credit union are meant for the benefits of the members therefore, the lending rates in the credit unions tend to be lower. However, not everybody is a member of a credit union and not all private lenders are bad.Check This Out
Before you start making enquiries, know the difference between a mortgage banker/lender and a mortgage broker. Mortgage lenders are those who actually fund loans, whereas a mortgage broker is one who acts as a middleman and arranges loans from mortgage lenders for a commission. A mortgage banker has only one product to offer, his own loan plan. However, a mortgage broker has the knowledge of a number of lenders and can suggest the best option for you. A mortgage broker can also make your loan application look appealing so you have better chances of getting approval for your loan.
Taking reference from trusted friends that have already taken loans and have the experience is the first step towards zeroing in on a good lender or a broker who would eventually lead to a good mortgage lender.
Providing low rates, fast processing, prompt and friendly response, should be the one that you search out and above all the mortgage lender should be one that in case of a need to convert the mortgage type the lender should have the facility to do so
Last, go through plenty of literature concerning the different mortgages before deciding on a particular type of mortgage