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.
If you’re serious about buying a home, it’s the first thing you should do.
Learn what to do if your mortgage loan servicer gets hacked.
Looking for a mortgage? A mortgage broker is worth considering, especially for first-time buyers.
For borrowers with credit dings or unusual financials, manual underwriting can be key.
It’s a popular adjustable-rate mortgage, which may or may not be better than a fixed rate.
Are you one of the few these high-risk loans can benefit?
Don’t go crazy. But it’s important to look regularly when looking to purchase or refinance.
In some ways, an open-end mortgage is similar to a home equity line of credit (HELOC).