A bank is usually a local, regional, or larger national institution with retail stores, tellers, checking accounts, and investment opportunities. They also offer mortgages. They most likely lend their own money, Portfolio the loans. You are limited to the products and programs of that individual institution only.
A non-bank lender is most likely exclusively in the mortgage business, and in addition to closing and servicing many loans in their own name, we work with outside investors as well. We even have the ability to broker a loan, which opens up your mortgage product and program possibilities tremendously and has numerous advantages.
If you run into some of issues listed above (income, asset, or property issues), there may be more options available for your scenario, even if the concerns are revealed during your purchase or refinance process.
There are also many different products and programs available with a non bank institution, including but not limited to:
- Mortgages for primary, second/vacation homes and investment properties
- Doctor Programs
- Mortgages to 30 Million for High Net Worth individuals
- Non warrantable condominiums and co-op financing
- Low down payment options
- Renovation Loans for a purchase of a fixer upper or a home you already own
- Reverse mortgages
- Self Employed and 1099 borrower options
- Asset Depletion
- Foreign buyers