• Dean Lawton

Where do you get a Mortgage?

Updated: May 5


Where do you get a Mortgage?


You know you can get a Mortgage from a Bank, but many other Institutions also provide Mortgages. Let’s dive into some of those options now.



Bank

So, as mentioned, a Bank is typically a Borrower’s first thought when they start looking for a Mortgage. We regularly work with Banks and always include their products in our Client Planning sessions when it makes sense for your needs.



Credit Union

Another common Lender option would be a Credit Union and probably an option you were already considering for yourself. Credit Unions certainly have their place in the Mortgage Industry, and we certainly consider them a top option for particular Lending Solutions.



Monoline Lender

"What’s a Monoline Lender?"


This type of Lender typically does not come top of mind for most clients as you can only access a Monoline Lender through the services of a Mortgage Broker. However, Monoline Lenders are arguably the best choice for Mortgage Lending when you qualify. A Monoline Lender is strictly a Mortgage Lender; they do not offer Banking Products or Investments. The industry refers to them as wholesale Lenders because they are typically much cheaper for Borrowers to deal with than Banks and Credit Unions. They also offer much more flexible terms when it comes to paying out your Mortgage early or when trying to make lump-sum payments.



Private Lender

Private Lenders are Mortgage Investment Corporations or Individual Investors who lend out their money in the form of a Mortgage. Clients regularly use these Lenders when they don’t qualify for any of the options mentioned above.


In order to understand why we would recommend one of the above Lender options, we would need to understand your complete financial profile. In some cases, a Bank would be preferred over a Credit Union, or a Monoline may be preferred over a Bank. Our solutions are entirely determined by your individual needs and goals. Income and Credit will usually dictate Lender Choice; however, here are some other items we review thoroughly before recommending a Lending Solution:


  • Length at Job

  • Number of Properties Owned

  • Debt Amount

  • Refinancing

  • Building a Home

  • CRA Debt

  • Taking out Equity to Invest


All of the above, and more, factor into our Lending Decision Process. If you have any questions about the above, please don’t hesitate to reach out.


Thrive Team

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