Although you may find a mortgage banker that is advertising as a real bank, which most mortgage bankers do, they are not a direct lender. You may hear a mortgage banker saying, “Do to use using our own money we can give you a lower rate” or “When other lenders cannot make the decision to lend to you, we can because we do our own underwriting.” However these statements are beyond the capabilities of a mortgage banker.

The mortgage banker, like the mortgage broker, is paid a premium by a bank/lender to receive a mortgage. Mortgage bankers will sell a loan before it closes. They will run the loan through their checkbooks and then close the loan to send it on its way to the real lender/bank. Once the real lender/bank has made sure that the loan was completed by the mortgage banker, the bank will send back the money of the loan to the mortgage banker.

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A payday loan can save you from a small financial emergency before it escalates into a disaster. But with so many lending services popping up (like mushrooms after the downpour of an economy in recession), how do you choose the right one for you?

Legitimate payday loan companies mostly offer the same services, with slight differences in specific features. Be extra cautious in comparing interest rates and fees so you can make the best choice. Below are some helpful hints at what to look for in a payday loan service.

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