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  • By Mortgage Street

What are the Benefits of a Home Loan from a Non-Bank?

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Brokers know that there are several lending options for clients. In addition to banks, there are credit unions and non-bank lenders. Non-bank lenders are free of bureaucracy layers that tie the hands of banks. Most banks have several departments and shareholders with a financial interest. This limits their ability to take on risk and make exceptions.  Banks are required to walk a straight line in the lending and approval process. Otherwise, lending can get out of hand. Non-bank lenders like Mortgage Street evaluate all loan applications on a case-by-case basis. We’ve developed several loan products that allow most individuals to purchase their dream home. The following are two benefits of taking out a home loan from a non-bank lender.

Lower Rates for Well-Qualified Applicants

It’s no secret that all lenders compete for the well-qualified loan applicant. If your exceptional client qualifies for a bank loan, a non-bank lender matches it. In many cases, beats it. Non-bank lenders are privately owned. We have the flexibility to lower rates without compromising the rest of our business.

Alternative Solutions for Applicants with Less than Perfect Credit

Building a stellar credit history takes time and effort. On the way to near-perfect credit, individuals are going to require a loan to finance a car or starter home purchase. These clients pose a risk for banks. They might pose a risk for lenders, too. The difference is that non-banks lenders can raise rates to balance risk with reward. We also offer alternative solutions and add-on financial products that lower an interest rate over time.

Home Loan from a Non-bank Conclusion

Brokers seeking the best financial products and rates for their clients can look to a home loan from a non-banks lender, such as Mortgage Street. We utilise several tools that help us balance risk with reward to deliver competitive loan terms and an attractive return on investment.

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