![An exterior of a home with landscaped yard](https://www.bankrate.com/2020/08/04151337/Mortgage_lender_vs_servicer.jpg?auto=webp&fit=crop&width=230&height=150)
Mortgage lender vs. servicer: What’s the difference?
What happens when your loan moves to a new servicer?
Laurie is an editor on Bankrate’s Home Lending team. She previously worked as a copy editor in the higher education space, including at BestColleges and Affordable Colleges Online. Prior to that, she worked in marketing and public relations at Binghamton University while earning her master's degree. She regularly writes a blog, Better By The Beat, to educate and empower the chronic illness community.
As an editor, Laurie’s universal goal is to create content that helps people cultivate and lead their best lives. When she's not editing for Bankrate, she enjoys reading, writing stories, blogging and exploring the beautiful outdoors of New York State.
Recently, my husband and I left behind the apartment life and bought our first house. One of my biggest tips for first-time homebuyers is to shop around and compare offers from at least three mortgage lenders. By doing so, we were able to lock in a lower rate with a local credit union offering a special deal, despite the high-rate environment. It's also helpful to draft a list of questions for each lender so you can easily compare your options and nail down the best fit for you. The homebuying process can seem overwhelming at times, but it's all worth it in the end when you get the keys to your new home!
What happens when your loan moves to a new servicer?
Some options if you want a house but your savings are small.
Bankrate editor Laurie Richards shares why she worked with a local mortgage lender to buy her first home.
And do you need to keep all of them?
Getting a good loan starts with choosing the right lender.
What to expect from start to finish when lenders evaluate you for a home loan.
The rules are different for refinancing a second home or investment property.
These lenders keep the mortgages they underwrite, so they may lend when others won’t.
Imagine a mortgage with a fixed interest rate, but a monthly payment that varies.
Predatory lenders employ many tactics. Here’s what to watch for.
More than once, certainly. But making a habit of it gets costly.
It can get you that home if your qualifications are shaky. But it doesn’t necessarily mean joint ownership.
It requires not one, but two mortgages. But it can get you closer to that dream home.
Cash-out refinances have implications at tax time.
If you have bad credit, you need to find ways to compensate for the additional risk.
LPMI allows you to forgo mortgage insurance, but you’ll have to stomach a higher interest rate.