There is probably a number somewhere that tallies how much money is spent by mortgage companies on marketing each year. Online, print, radio and T.V. are the recipients of millions of dollars promoting their mortgage products and if there is any proof whether or not marketing campaigns work ordifferent types of mortgage companies not it’s evidenced by the continued barrage of ads place every single day.

But what many don’t often realize is that there are few, if any, differences between a conventional or government mortgage at one lender than another. They’re all approved using the very same set of basic guidelines. The only difference will be the rate and fees each lender charges and the process by which the loan is approved.

At a major bank, one with a federal charter or a state chartered bank will offer mortgages to their customers and their soon-to-be customers. Such “retail” banks rely on customer loyalty to bring in much of their mortgage business and as such don’t have to have the lowest rates on the planet in order to garner market share. When you apply, most likely your loan application is sent electronically to a regional or national mortgage processing facility.

Mortgage bankers, those whose sole product is approving mortgage loans will approve your loan application in-house, deliver your closing papers to the settlement agent and fund the new mortgage with their from a line of credit. Depending upon how big the mortgage banker is, it’s likely your approval is handled locally and you’ll work with a local loan officer.

The third source is a mortgage broker. A mortgage broker represents several so-called “wholesale” lenders who work with mortgage brokers to go out and find mortgage loans for the wholesale lender. The broker doesn’t approve the loan nor provide the financing but is a go-between who has access to interest rates lower than what can be found at the retail level.

Yet regardless of these three types of companies, with little exception, they are all out seeking customers for the very same types of loans. FHA, VA, Fannie and Freddie.