If You Qualify for a Bank Loan, a Non-Bank Offer Will Be Much Better
If you are in the process of purchasing a home and have been approved for a home loan through a traditional lender or bank, chances are you can receive a better offer from a non-bank lender.
What is a Non-Bank Lender?
A non-bank lender is essentially the same as a traditional bank and can perform the same functions. They are able to offer lending products, such as home loans and car loans, as well as financial products, such as credit cards. In fact, often their interest rates are more competitive than those offer by banks and other traditional lenders. The biggest difference between a bank and a non-bank is that non-banks are unable to take deposits from their customers.
Why are Loans From Non-Banks Better than Loans From Banks?
There are many reasons non-banks offer better loans than traditional banks. Some of these reasons include:
- Early adopters of technology
- Being able to offer cheaper, more competitive interest rates
- Having fewer loan fees
- Being specialists lenders, allowing them to provide short term solutions for borrowers
Before signing your home loan contract with a bank, consult with the brokers at Mortgage House. We are a non-bank lender that offers home loans with competitive interest rates. We specialise in high-risk loans and loans for non-traditional borrowers ars well. Our specialists will work with you to find a loan that can save you thousands of dollars in interest over your loan term.