Non-bank mortgages – Non-bank mortgage
February 15, 2019
Non-bank mortgages are the solution even for those who said NO in the bank!
The phenomenon in the form of a non-bank mortgage has recently come under the skin of the general public. The times when you had a mortgage could only be called off at a bank, where you had to meet rather demanding conditions – to have a high enough income, to submit a contract with the employer, not to have a property or a record in the debtors’ register. Not everybody succeeded with their request. With the help of a non-bank mortgage, however, even those who have closed the imaginary door in the bank will reach the financial aid.
Who provides non-bank mortgages?
As the name suggests, non-bank mortgages are provided by non-bank companies and financial institutions, which are currently in the market. This is a product very similar to the US mortgage provided by banking companies. Thanks to this fact, much more applicants will be required to finance the housing reconstruction or purchase a house or apartment. And that’s only good.
How do non-bank and bank mortgages differ?
There are several differences between a non-bank and a bank mortgage. The first one is who provides this financial product – either a banking or a non-bank company. We will see another difference in the way of settlement. While you can wait a few months for a bank to settle a mortgage, a non-bank company is much faster in this respect – so you can have money within a few days. Important differences between these products are the conditions that you must meet to negotiate. The bank will review your creditworthiness, you will be asked to submit a number of documents and documents, and the bank will also check that your name does not appear in the debtors register. Non-banking companies do not require such requisites, they do not look at registers and do not mind if you have a real estate execution.
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