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To: Ilaine who wrote (62)2/20/2001 9:30:11 AM
From: Don Pueblo   of 6901
 
Simply stated, you are dealing with either a "direct lender" (the term that is used) or a broker. A direct lender lends his own money. A broker sets up a loan with a lender, which may or may not be a direct lender. There are all different kinds of direct lenders, some only with people with good credit, some deal with anybody, some deal with bad credit risks. There are different kinds of banks. The top tier consists of actual banks, next tier is the savings and loan institutions, and below that are various other lending institutions. The bottom tier consists of lenders (direct and brokers) that handle people with credit problems.

As a general rule of thumb, you would want to deal with a direct lender if you can, because as a general rule, there is no broker, therefore no broker to be paid his cut. You want to deal with the best lender you can find that will make the loan.
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