When looking for a mortgage, you not only want the best deal, but you also want to work with a specialist — someone who knows the process inside and out, can easily answer all of your questions, and can handle any problems that may arise during the home mortgage process. Lisa Johnson Mortgage Services in Prince George offers home mortgages for your home purchase, offers home equity mortgages, and offers home refinance options. In this blog post, we’ll discuss the difference between banks and a monoline lender. Contact Lisa Johnson today!

WHAT’S A MONOLINE LENDER?

We all know what a bank is. However, the term “monoline lender” may be new to you, although if you’re familiar with entomology, you may be able to deduce what a monoline lender is by the name. Literally, monoline lender means one line of lending, which is exactly what a monoline lender does. A monoline lender is the ultimate specialist, picking one thing to specialize in, such as mortgage services, and offering only that service. While this is great for when you want a specialist, your options may be limited with a monoline lender. Monoline can refer to the whole industry, such as insurance, one product, such as mortgages, or one service, such as credit cards.

ADVANTAGES OF MONOLINE LENDERS

• Utmost specialists in their field. Monoline lenders have a greater knowledge, skill, and expertise due to their desire to only focus on one thing. Consumers like this characteristic because they can be assured they are getting the best for that service, and they don’t have to worry about being cross-sold other products and services they don’t necessarily need.
• Greater efficiency. In the financial services field, monoline lenders can frequently offer better pricing, more aggressive timing, or greater flexibility than those who offer a wider variety of services. With so few locations, monoline lenders can often pass on that savings to their clients with better pricing solutions.
• More accommodating. Due to their specialization, monoline lenders may be able to accommodate unusual cases, take on greater risk with clients, and be much more personalized.
• Better relationships. Due to their singular focus, monoline lenders often have more connections in place that allows them greater flexibility in lending. They frequently can provide mortgages due to extenuating circumstances that big banks cannot do.

BANKS VERSUS MONOLINE LENDERS

Banks are able to offer a wider variety of services, such as savings and checking accounts and other services, such as retirement services, that monoline lenders cannot. Thus, they may have more options available because of their variety. They also may be able to offer more products that you many need or want as well.

In the end, mortgage brokers are a cross between monoline lenders and banks. We work with both in order to procure you the best home mortgage, best home equity mortgage, and best refinance for your home. We specialize in mortgages, giving us the advantage of having relationships in the mortgage community in Prince George, and we utilize bankers and other lenders to offer you the variety in mortgage products that will put you in the right mortgage for your circumstances. If you’re looking for a home mortgage, contact Lisa Johnson Mortgage Services today!