It used to be that when you were looking for a loan to buy a home, you would go to your local bank to see if they would lend you the money.Well, things have changed!!Now you can talk to almost any lending institute and apply for a home loan.Once your loan has been secured, it is sold into a "pool" with many other loans and sold off to another institution.The three typical loan types are:

• Ginnie Mae
• Fannie Mae (FNMA - Federal National Mortgage Association)
• Freddie Mac (FHLMC - Federal Home Loan Mortgage Corporation)

You might find it interesting that the group that you make your loan with seldom owns your loan.They are what the industry refers to as the "servicer of your mortgage.They are referred to this because they are simply overseeing your loan for the financial institution that originated your loaned.There are many types of loans to consider as well. Talk to a reputable financial institution to find out which type is best for you.