Abbie Ethun

Abbie Ethun

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Jul 11 2017
Abbie Ethun
129 posts

Mortgage 411: Why Do People Use Non-Bank Mortgage Lenders?

According to multiple news outlets, ranging from the internationally known Wall Street Journal to newer financial websites, such as Nerd Wallet, many people are turning to non-bank lenders, for their mortgage lending needs. And with good reason.

To start, if you’re unfamiliar with the term, a non-bank mortgage lender (such as HomeBridge) is just what it sounds like, a mortgage lender that isn’t a bank. Non-bank lenders are financial companies that provide borrowers with mortgage products, but don’t offer the other financial services traditional banks do.

HomeBridge’s focus is solely on the mortgage needs of the home buyers, home owners and real estate professionals (anyone from a local Realtor® to a real estate developer) that we work with. And when it comes to major financial transactions, such as residential mortgages, being a specialist has its advantages.

As the articles linked above mention, banks are under very high levels of scrutiny in terms of who they can assist with their mortgage needs. This doesn’t mean that HomeBridge’s mortgage loan originators (the people you meet with when you begin the process ) won’t look at your employment history and credit score, but it does allow them some flexibility in the mortgage process.

Also, because HomeBridge’s concentration is solely on the mortgage industry, our associates never pressure borrowers into opening up a savings account or signing up for a new credit card.

Along with the personal attention HomeBridge can provide its customers, another way we separate ourselves from other mortgage lenders is the type of loans we offer. While most banks offer mortgage loans you’ve probably heard of, such as VA and FHA loans, HomeBridge offers a wide range of specialized mortgage options that can be custom designed for the needs of our customers.

As the summer rolls on and rates stay at lower levels across the country, it’s expected that competition will increase for the limited number of homes currently on the market. For this reason, preparedness is key when it comes to purchasing a home, as the number of buyers tends to be much larger than the number of properties available in desirable locations.

Whether you’re looking to buy six weeks from now, or six months, HomeBridge has mortgage professionals across the country ready to assist you and offer complimentary advice so that when the time is right, you’re able to secure the home of your dreams.