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Updated about 5 years ago on . Most recent reply
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What is a portfolio loan/ lender?
To date all my loans have been conventional loans using a mortgage broker. I have heard this term (portfolio loan) on BP but not quite sure how it differs from other loan types. Is the interest rate the same? Qualifications similiar?
Lastly does anyone know of these lenders in the Philly / S Jersey area?
Any input is appreciated
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A portfolio loan is a loan that the lending institution keeps on its books (in it's portfolio), rather then selling to Fannie Mae. These kinds of loans do not need to adhere to Fannie Mae standards and can have terms that may be a little more flexible.