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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.
How to navigate the time between when you apply for a mortgage and when it closes.
No, it’s not exactly the same as refinancing your home’s mortgage.
The bottom line: You can choose to refinance, but you’re forced into a loan modification.
There are specific times and situations when it makes sense to refinance your mortgage.
Hard to avoid it if your down payment is low. But must you pay this extra fee forever?
Yes, you can pay less each month. Not all methods are worth the time or upfront expense, though.
Here’s what to know about loss mitigation and mortgage relief.
It can be fun, but can you afford it?