WHAT IS A MONOLINE LENDER?
You don’t have to go with a big bank.
There are many lenders available to help finance your home and every one has different terms and conditions. Sometimes it feels like we don’t have a choice and have to just take what the banks give us.
You do have a choice though, but you won’t hear it from your bank! One such option is a Monoline Lender. Let’s talk about why a Monoline Lender might be the best choice for you.
As mortgage requirements are unique to each client, we assess the circumstances of each client and as a result we may recommend a Monoline Lender.
Mortgages from Monoline Lenders have a number of advantages for some borrowers including:
- Monoline Lenders focus on just mortgages.
- Monoline lenders are not going to solicit you to open a chequing or savings account, buy RRSPs and RESPs, apply for a credit card, buy insurance, or any other manner of business banks deal in.
- Monoline lenders don’t have storefronts, so they save costs and pass them on.
- Monoline lenders follow the same rules as all Canadian banks so you’re protected.
- Monoline lenders deal only with mortgage brokers on the clients’ behalf.
- Monoline lenders bulk insure their mortgages through mortgage insurance providers therefore can often be more flexible with their lending.
- Monoline lenders do not register a collateral charge on the property meaning that you can transfer your mortgage at renewal to a new lender of your choice.
- Monoline lenders offer better interest rates and a lower penalty should you need to pay off your mortgage before the end of your term.
- Monoline Lenders will often provide mortgages when the big banks won’t. If you’re self-employed, a property investor, you want to buy through a company or you’re just a regular borrower, Monoline Lenders offer more flexibility.
Overall, Monoline Lenders offer a better option than the big banks. Just look at the posted rates for fixed term mortgages.
If you would like to know more about Monoline Lenders feel free to contact our office today.