How Do Non-Bank Lenders Work?
Homebuyers have several lending options at their disposal including banks, lending societies, credit unions, and non-bank lenders. Non-bank lenders operate differently than banks. Mortgage House opened its doors in 1986. In 2022, we remain a successful non-bank lender.
Mortgage House remains focused on helping clients achieve their financial goals through lending products such as our car loan. We do not maintain savings accounts for clients nor accept deposits. Therefore, we do not lend the money that clients entrust to us. Instead, we work with investors. Our team finances the endeavors of investors who make new building projects happen, seek to renovate or establish a portfolio of properties. We also work with investors who lend to us.
In some cases, Mortgage House acts as the middleman between investors and clients. The same logic applies to banks. Except banks work with wholesalers. Mortgage House loan specialists have several proprietary tools. Our tools allow them to evaluate applications efficiently. Then, they use a separate set to find the best loan product and terms.
After we approve a mortgage such as our second-home loan, we collect the repayments. We use technology to post them to the client’s account and update their repayment progress. Thus, we remain a secure operation that continues to expand with additional branches.
Non-Bank Lenders Conclusion
It’s normal to wonder how non-bank lenders work. The main difference between Mortgage House and banks is that we don’t maintain customer deposits. We focus on lending. To obtain a mortgage from our organisation, contact our loan specialists.