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Mortgage Lender
A financial institution or bank that provides and processes home loans for borrowers. The process of obtaining a mortgage is extensive and involves many steps, including underwriting, origination, and closing. Lenders review several factors to determine the borrower's creditworthiness, such as credit score, income, employment history, and debt-to-income ratio. The lender then decides the amount of loan and interest rate to offer based on the borrower's financial situation. For instance, if a borrower has a high credit score and low debt-to-income ratio, the lender may offer a lower interest rate. However, if the borrower has a low credit score and high debt-to-income ratio, the lender may require a higher interest rate to compensate for the risk. It is important to shop around and compare lenders when seeking a mortgage to ensure the best possible terms and rates are received.
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