Process
Lender
The financial institution — such as a bank, credit union, or mortgage company — that provides the money for your home loan. The lender evaluates your application, sets the loan terms, and collects your payments (or transfers servicing to another company). Shopping multiple lenders is one of the most effective ways to save money, as rates and fees can vary significantly between institutions.
Why It Matters
Lender is one of the steps you will encounter on the path from house hunting to holding the keys. Knowing what to expect at each stage reduces stress and helps you make better decisions under time pressure.
Stay organized and communicate proactively with your real estate agent, lender, and other professionals involved in lender. Delays and misunderstandings at any step can push back your closing date or cost you money.