Private lender vs bank for fha first property

[Thomas Sehon]

Hello all,

We are looking to apply for our first loan and they’re wondering if it is best to go with a private lender or a bigger bank. And would love to understand anyone’s perspective on the differences or what they tend to prefer or look for.

Thank you in advance!

[Chris Seveney]

Quote from @Thomas Sehon:

Hello all,

We are looking to apply for our first loan and they’re wondering if it is best to go with a private lender or a bigger bank. And would love to understand anyone’s perspective on the differences or what they tend to prefer or look for.

Thank you in advance!

 The term you want to look up is non-bank lenders (not private lenders). Whether you go to a non bank lender or a bank or a credit union depends. This is an instance where possibly using a mortgage broker to shop rates for you would come in handy.