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A lender is a financial institution or individual that provides money to borrowers in the form of loans. In the context of real estate, lenders typically provide mortgages to individuals and families who are looking to purchase a home. These mortgages are secured by the property being purchased, meaning that if the borrower defaults on the loan, the lender can foreclose on the property and take possession of it.
There are different types of lenders in the market, such as commercial banks, credit unions, mortgage companies, savings and loan associations, and others. Each type of lender may have different lending requirements, such as credit score and income level, and may offer different types of mortgages with varying interest rates and terms.
Lenders make money by charging interest on the loans they provide. The interest rate on a mortgage will typically be higher than the interest rate on a car loan or personal loan because mortgages typically have longer terms and the property serves as collateral.
When someone is applying for a mortgage, the lender will take a close look at the borrower's credit history, income, employment history, and the value of the property being purchased, to determine whether to approve the loan and at what terms. This process is known as underwriting.
In summary, Lenders are entities that grant money as a loan and charge interest on it, lending money for real estate typically is done through mortgages, where the property is used as collateral, and the lender assesses the risk of lending to the borrower through a process known as underwriting.
