When you think about applying for loans, you likely picture yourself heading to your local bank and spending hours dealing with tedious applications and tons of red tape. While working with banks is always an option, there’s a better and easier way to get a mortgage that will fit your needs: working with private mortgage lenders. Here are a few great benefits you’ll see first-hand when you decide to work with them rather than sticking with your personal bank.
Banks are able to issue many different types of loans, but every time you apply, you’re going to be stuck dealing with their time-consuming processes. At best, it can take several weeks for banks to render a decision on your application. When you work with private mortgage lenders, your application will be processed much faster. They’re not bound to corporate policies and can make decisions more quickly.
You’ll Get Access to Better Rates
Many private mortgage lenders are able to compare rates with different types of loans at the time of your application. This means you won’t have to waste time trying to get quotes from different lenders or spend hours reviewing those quotes in detail. Your loan broker will help you interpret the information you’re given to make sure you get the best loan for your needs.
You’ll Have More Loan Options
Some commercial lenders specialize in just one or two types of loans. Those loans may not be the type of financing options you truly need, but you won’t know unless you have access to more options. Private mortgage lenders can often help you find different types of loans based on the type of property you’re buying and your personal financial situation. This can end up saving you thousands of dollars over the life of the loan while also giving you access to better repayment terms.
More Personalized Attention
At large banks, you’re little more than a number. Loan officers won’t always remember your application’s details or the types of properties you’re interested in. Private mortgage lenders treat you like the individual you are and will give you the personalized attention you deserve.
Work With Us
At Mortgage Solutions, we know that every loan application is unique. As private mortgage lenders, we’ll do everything we can to help you get into the home of your dreams. Reach out today and let our team help you find the perfect loan.