So you’re thinking about buying a new home and need to take out a mortgage. Many homebuyers think their options are limited to banks or more traditional financial institutions; however, there is a third option that has considerable advantages—non-bank mortgage lenders.
Non-bank mortgage lenders are exactly what they sound like—an independent institution that directly provides people with mortgage loans. Mortgage lenders have to abide by the same laws, rules and regulations that banks do, but they offer many benefits and added services that banks do not. Bellow are some benefits of mortgage lenders:
- They offer competitive mortgage rates that are often cheaper than other options.
- Their lending criteria are less strict than that of major banks (this makes it a good option for people with lower credit scores).
- They have lower setup and ongoing costs.
- They are more able to meet your specific needs and requirements.
- They offer a higher level of customer service and personalized niche products to meet your individual needs.
- They are able to get you a loan within a shorter timeline.
If you are looking for a mortgage option with competitive rates, a high level of customization and a faster timeline, a mortgage lender may be the right option of you. For more information about our lending services and your individualized mortgage options, contact one of our mortgage loan specialists today!