Mortgage Companies in Maryland: What Are My Options?

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The first step on your mortgage journey is determining the available options out there. Believe us, it can be complicated, which is something that may discourage people from diving in and getting the proper mortgage help they need. At Federal Hill Mortgage, we’ve made it our goal to help educate so you can make the right decisions about how to approach mortgaging your home. In this blog, we’ll look at mortgage companies in Maryland and what your options are.

What Do We Mean by Mortgage Companies?

We use the term “mortgage companies” in Maryland because it really is a larger umbrella than you may realize. Within the category, there are mortgage brokers, mortgage lenders, mortgage loan originators, and hybrid companies that offer both brokerage and lending services. These are distinct service providers that help you through separate steps of the mortgage process.

What is a Mortgage Broker?

Mortgage brokers work to secure the right loan for you. What does this involve? Years of experience and knowledge to help expedite the process while still finding the best rate available for your specific financial situation. A mortgage broker takes a holistic approach, working with you from the initial steps of sourcing the documentation you need for your loan application to guidance on available loan options. A mortgage broker is your go-to source for all mortgage-related questions and qualms you may have.

What Is a Mortgage Loan Originator?

You may have heard the terms loan originator and mortgage broker used interchangeably but there is a distinction. Notably, brokers tend to work for individual firms dedicated to brokerage, while loan originators are typically employed by banks or other financial institutions. In the case of institutions that offer both brokerage and lending services, the overlap between originators and brokers is more pronounced.

What Is a Mortgage Lender?

When you seek out mortgage companies in Maryland, you’ll likely come across a plethora of mortgage lending companies. These are the institutions that actually grant and administer your loan. Think banks, credit unions, and mortgage-specific lending houses. A mortgage lender will work with you, or the broker working on your behalf, to agree to learn terms that include the amount, time, and interest of your loan. Having a good broker can help you get a competitive rate from a mortgage lender, as well as navigate the other complexities of the mortgage process.

What is a Hybrid Firm?

Some mortgage companies in Maryland work as both lenders and brokers, such as Federal Hill Mortgage. What this means is we can offer in-house lending services as well as shopping rates at other institutions to ensure we are finding you the best loan available. This flexibility allows us to provide an all-encompassing mortgage experience for clients and allows for the most avenues to securing the mortgage that is right for your financial journey.

If you want an expert mortgage team in your corner, look no further than Federal Hill Mortgage. As the top-ranked mortgage brokers and lenders on the East Coast, our team has helped thousands of families navigate the complexities of the mortgage journey, whether they’re looking to buy their first home or their third. To get started today, apply now.

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Federal Hill Mortgage

Federal Hill Mortgage

The Federal Hill Mortgage Team is here to supply you with all the information you need to shop for a mortgage that's right for you.