Primary mortgage market

Primary mortgage market,

Definition of Primary mortgage market:

  1. The mortgage market in which loans are originated and consisting of lenders such as commercial banks, savings and loan associations, and mutual savings banks.

  2. Homeowners can deal directly with primary lenders when shopping for a mortgage loan by contacting their local bank. For most borrowers, they won't notice that they're dealing in the primary mortgage market since they'll interact with their mortgage representative at their local bank during the entire process. The mortgage professional will educate the borrower about the various types of mortgages available and quote the interest rate depending on which type was chosen. The local branch will usually be the location for the loan closing—where the paperwork is signed.

  3. The primary mortgage market is the market where borrowers can obtain a mortgage loan from a primary lender. Banks, mortgage brokers, mortgage bankers, and credit unions are all primary lenders and are part of the primary mortgage market.

How to use Primary mortgage market in a sentence?

  1. Homeowners can deal directly with primary lenders when shopping for a mortgage loan by contacting their local bank.
  2. The primary mortgage market is the market where borrowers can obtain a mortgage loan from a primary lender.
  3. Banks, mortgage brokers, mortgage bankers, and credit unions are all primary lenders and are part of the primary mortgage market.

Meaning of Primary mortgage market & Primary mortgage market Definition