A potential homeowner may obtain a loan from a direct lender, such as the local bank or savings and loan or credit union, or through an intermediary, such as mortgage brokers, who place loans they originate with both local and out of state banks, insurance companies, and S&Ls.

Each of these sources is likely to offer different loan arrangements, and also different terms and conditions even for the same type of a loan. In fact, very often the local branch of a bank (such as Chase Manhattan) may charge a different rate of interest (higher or lower) and offer different terms than another Chase branch in the same or neighboring state, which again may be different from the rate and terms a mortgage broker could get you from Chase!

Finding a quality home loan requires diligent shopping since rates and terms vary from lender to lender. Fortunately the Internet can make shopping for a loan easier. One of the most useful sources for obtaining mortgage information and a mortgage is HomeShark, on-line at http://www.iown.com.