Mortgage Lender is one who lends the borrower a sum at an interest for a certain period of time. The relationship between the home mortgage lender and borrower stretches over a long period and you should narrow down your choices on the most specific company offering rates suitable to you. You will have to go through the modalities thoroughly before entering into any contract. One wrong move may completely destroy your dream of owning a home. You need to have a clear knowledge of the working of a Mortgage Lender. The Home mortgage lenders should:

• Willingly give you an application and other information you need on how to apply for a loan
• Willingly discuss with you the various mortgage loans they offer and give you an idea whether you can qualify for them
• Diligently act to make a decision--without undue delay--once you provide all the information asked for (including, for example, written evidence of how much you make or how much you have in savings), and once they receive other paperwork required for processing the application (such as a property appraisal)
• Not be influenced by the racial or ethnic composition of the neighborhood where the home you want to buy is located.

You want to buy a property or renovate your old one. In either case, you are in need of money or in other terms, a loan. You contact the home mortgage lender who briefs you about the various categories of loans, their repayments, the interest rates, the time etc. Once you decide on the particular loan, you have to get the papers necessary for the deal. These papers reach the home mortgage lender through your broker. The home mortgage lender will go through the documents in detail and calculate his expected profit from the deal. If the lender is interested he proceeds ahead with the broker and places his cards on the table. The home mortgage lender evaluates these loans on various factors like a boom in real estate rates, a drop in interest rates, increase in the number of applicants, etc. The home mortgage lender submits a list of necessary documents along with the details of the loan amount, the interest rates, and dates for repayment etc, to your broker. If you feel these terms suitable, you may proceed ahead. The home mortgage lender lends the loan amount after you sign and submit the documents. You have to pay brokerage to your broker who has to pay some fees to the home mortgage lender.

If you apply for a home mortgage and are turned down, remember that not all institutions have the same lending standards. Shop around for another home mortgage lender. It is in your best interests to scout around for the different mortgage options and the associated incentives or costs included. You can enquire at websites online for detailed information before taking your first step. Finalize the deal with your most compatible or suitable home mortgage lender.