When shopping around for Mortgages most people are talking about Banks.
Traditionally this is the place we go when we want to loan money. Don’t forget that lending money is big business and you have a lot of sources out there for this. One of my best sources for money is the Insurance Companies. I have very good experience with them and they have served me well over the years. They have always given me a lower interest rate than any Bank could offer me and also their service has been very good.
Terms have always been what I asked for and that has been difficult for the Banks to compete with. As most people have Bank accounts and use the bank for bill payments the have also been using the Bank for their Loans or Mortgages. The Banks have been in this situation for a long time and their business have been on autopilot. The industry is changing and that is one of the reasons you should shop around for rates and terms. Don’t forget that you are the customer and they all want your business.