What is an IRD Penalty and Why the Banks Use it?
Two most common questions I get asked from my clients:
- What is your best rate?
- What is the difference between a bank and a mono-line lender?
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So What is a Mono-Line Lender? As opposed to banks that sell consumers various financial products, mono-line lenders are financial firms that deal specifically with mortgages. They are often very specialized with all aspects of mortgages, and in many cases, are only accessible through the mortgage broker channel.
Another interesting fact: many of the mono-line lenders were created by former Senior Big Bank executives! |
Many mono-line lenders have been around for decades and are very reputable. However due to unfamiliarity among mortgage seekers, many are still reluctant to seek financing from mono-line lenders despite the fact consumers do not face any risks.
One great thing about mono-line lenders is that the penalty expenses are typically lower compared to banks. Should there be scenarios where you need to sell and not end up being able to transfer transfer you mortgage, penalty expense will always end up hurting you the most.
One great thing about mono-line lenders is that the penalty expenses are typically lower compared to banks. Should there be scenarios where you need to sell and not end up being able to transfer transfer you mortgage, penalty expense will always end up hurting you the most.
Curious to find out how different lenders calculate their penalties? Simply Fill Out the Form to receive your Free Report. Then arm yourself with some patience and a calculator. If you get stuck or feel overwhelmed, just give me a call at 647-893-2535 or drop me a line at [email protected]
Getting the right Mortgage Financing could be easier than you thought!