Three Huge Players In The Mortgage Market

Category: Finance.

When the time comes to procure a mortgage loan for the purpose of purchasing a home, the experience can have the same draining power of running a marathon. A majority of us will go as long as three decades attached to this anomaly we only know a little about.

With secrets and tricks of the trade abound, it s no wonder why most folks will never know the inner workings of the home loan business. I remember growing up as a dumb smart kid when we finally got out first house. During this mortgage acquisition process my mother would always jokingly have something to say about some woman named Fannie Mae. I remember my parents having long talks about all of the fiery hoops they had to leap through to obtain a mortgage for the house. Mother never did mention the lady s last name but apparently she was the holder of the cash. This organization is one of the players in the secondary mortgage market. Years later I actually found out that this Fannie Mae person was really the Federal National Mortgage Association.

The Federal National Mortgage Association is vital in the process of cycling and recycling money that was loaned to homeowners. Three Huge Players In The Mortgage Market. By doing this, loans that fund mortgages become more affordable to more people looking to purchase a home. Primary lenders, and the private, the secondary market mortgage insurance market are the three big players that form the mutually beneficial mortgage industry. Nowadays these three mortgage market players work together to accomplish three things. Birth from a change in how local mortgage lenders used to do business when they made mortgage loans to people in the community only to keep the loans in the bank s investment portfolio until it was paid in full.

Make sound investments to ensure steady growth for their niche industry. Protect the financial interest of all parties involved. Make it more affordable for more people to buy homes. Knowing at least a little information about exactly where your mortgage money will be coming from will give you peace of mind. Sometimes learning something goes beyond asking the right questions- sometimes a few dumb questions are in order too. Knowing why certain lenders require certain things will help you get prepared before you need to be.

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