Monoline Lender Explained

Category: First Time Buyer, Real Estate Agent, Renew Refinance,

eitan pinsky mortgage expert monoline lender

Your Choice For Your Mortgage

In the current market of hot real estate and historically low interest rates, knowing you have a choice of lender is a valuable piece of knowledge!

Most people are aware of what the big banks offer (or seemingly what they offer – make sure you read the fine print!) when they are on the search for a great mortgage – but what about other lender choices?

Smaller Lenders, Greater Variety and More Choice

Monoline Lenders are national companies that, by definition, only focus on mortgages. Through mortgage brokers, they are quickly becoming mortgage borrowers’ lender of choice.

Eitan Pinsky Mortgage Choice

Some of the largest Monoline lenders are:

First National, MCAP, RMG Mortgages, Street Capital, and CMLS.

Monoline lenders do not have bank branches providing for lower overhead costs over the big banks. Monolines also source their mortgages directly from mortgage brokers, offering you some of the best insight and superior client care. Every monoline lender has its perks and special programs and it is up to your broker to match your needs with the best suited monoline.

There are multiple ways you can benefit from one of these many specialized lenders:

  • There are many monoline lenders available to you, allowing for healthy competition in the mortgage market; this means better rates & more products for the consumer.
  • These lenders specialize JUST in mortgages and are able to offer different products than the typical mortgages you might see at the banks.
  • Many monolines offer greater flexibility in prepayment privileges and mortgage options.
  • Also, many of these lenders have a lower prepayment calculation if it becomes necessary for you to get out of your mortgage prior to the end of your term.

It should be noted that monoline lenders follow ALL the same rules as Canadian banks and are just as secure. In fact, almost all monoline lenders are backed by the big banks.

Superior Client Care

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Monoline lenders work directly with your Vancouver mortgage broker.  Combined, your broker and your monoline lender is like having your own personal team of mortgage experts & client care assistants, even after your mortgage funds. The best part, you won’t need to deal with a bank client representative that knows a little about your specific mortgage – you can go straight to the person who helped with your home financing and have a wealth of experience and knowledge at your beck & call.

As always, working with a mortgage broker will be your greatest asset when choosing the mortgage that is right for you.

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