A Monoline lender, by definition, is a mortgage lender that focuses on lending money for one purpose: mortgages. It’s that simple.
Monolines are secure mortgage lenders. They are big players in the mortgage industry with billion of dollars in mortgage funds invested by the Big Banks, Life Insurance and Trust Companies. They follow the same federal government rules as all Canadian Banks and they deal exclusively with professional licensed Mortgage Advisors.
Mortgage lenders that specialize in only one product help keep competition in the mortgage market which offers substantial advantage’s to all Canadians who require mortgage financing.
Some of the advantages are:
- their rates are often lower
- have an abundance of mortgage products including some that specialize in different areas, such as self-employed persons who have little income to report or credit challenged individuals.
- better mortgage pre-payment offerings
- excellent online portals so you have convenient access to your mortgage information
- have lower IRD (Interest Rate Differential) penalty calculation; which is important if you are required or deciding to get out of your mortgage before the end of your term.
At Mortgage Sisters West we believe in finding the best mortgage solution, and product for your specific needs. We work for you to place your mortgage with the best offerings from the entire mortgage market- not just one banks solutions.