What other lenders are there besides banks?
There are also non-bank lenders or mortgage managers.
In the past, the only mortgage lenders were banks, credit unions or building societies. More recently, another home loan lender has emerged: the mortgage manager or non bank lender.
Credit advisers & mortgage managers – what's the difference?
A credit adviser doesn't actually lend you money. Their role is to facilitate a loan – helping you choose from a range of lenders.
A mortgage manager or non-bank lender, on the other hand, does lend money. Non-bank lenders go into the financial markets, obtain funds, and then offer those funds to borrowers at particular terms.
Some companies can be both credit advisers and mortgage managers. They can facilitate loans with traditional lenders like the banks, as well as offering loans where they act as non-bank lenders – sourcing the funds themselves.
To help find the right bank lender or non-bank lender for you, contact Bevon at [email protected]
An MFAA Approved Credit Adviser is not your average mortgage broker.