E Acacia Ave, El Segundo, CA 90245, 0,000 2 beds 1 bath
1393 sqft 2 beds 1 bath property in El Segundo, CA


956 Eucalyptus Dr #D, El Segundo, CA 90245, ,350,000
3304 sqft property in El Segundo, CA


Mortgage Definitions
There are many different lending institutions that make their money through loan financing. There are banks, mortgage brokers, credit unions, private money firms and money lenders. Before you decide which source of financing is right for you, it is essential that you understand their differences and some definitions. The Lender is the source of the money. It could be a bank, a credit union or a private investor. The person you sit in front of when you apply for your loan is merely the lender's representative. The Mortgage Broker is a company or individual that represents many different lenders. Thus, they have access to a number of different loan programs. They work as the facilitator of the loan by connecting the lender to the borrower. The Loan Officer is the person at the lending institution or mortgage broker that facilitates the loan process. The loan officer works directly with you to gather the borrower's qualifying information. Ultimately, the officer doesn't make qualifying decisions. The officer usually just pre-screens or pre-qualifies the borrower before sending the application to the lender. The Underwriter is the decision maker. The underwriter works for the lender. They verify the applicant's documentation and financial information. The underwriter decides whether or not the applicant meets the criteria set by the lender and qualifies for the loan.