Non-Bank and Private Lending: A Growing Trend in the Mortgage Industry
For many years, traditional banks have been the go-to source for mortgage loans. However, the mortgage industry has undergone a major shift in recent years with the rise of non-bank and private lending. As a result, borrowers now have more options than ever before.
In this blog, I will explore the benefits of non-bank and private lending and why it may be a better option for you.
Non-bank and private lenders often have more flexible guidelines compared to traditional banks. This means that borrowers with less-than-perfect credit, lower income, or irregular employment may still be eligible for a loan.
Non-bank and private lenders are known for their quick turnaround time. This can be especially beneficial for borrowers who need to close a loan quickly, such as those in a competitive housing market or those looking to take advantage of a limited-time offer.
Non-bank and private lenders offer a more personalized service compared to traditional banks. This means that you will work with a loan officer who will guide you through the entire process and answer any questions you may have.
Tailored Loan Programs
Non-bank and private lenders offer loan programs that are tailored to meet the specific needs of each borrower. This can result in a more favorable loan structure, lower interest rates, and better terms.
Non-bank and private lending is a growing trend in the mortgage industry and offers several benefits over traditional bank lending. If you are in the market for a mortgage loan, it is worth considering a non-bank or private lender. As the Principal Mortgage Broker and Owner of the Burlington Mortgage Centre, I am here to help you explore your options and find the right mortgage solution for you. Contact me today to learn more.