Bank and non-bank mortgages differ in the institution giving out the loan. Naturally, each of the methods has it own advantages and disadvantages. While banks are able to provide more funds and offer generally lower interest rate, non-bank crediting institutions require less documentation and legal preparation, as well as they are more ready to negotiate, especially with customers with a less than perfect credit history. On the other hand, banks require certain income standards to be met, and can refuse client, if he/she is deemed not to have sufficient funds, as well as banks require extensive documentation on your modes of income. Meanwhile non-bank creditors are usually unable to provide funding for bigger projects (e.g. when investing in commercial or industrial property) and usually have higher interest rates due to the risks they take with each client.

Thus, choosing your type of mortgage is a delicate task of balancing pros and cons, which is why it is highly advised to hire a local real property guiding agency to handle the matters. Their extensive knowledge in local mortgage market will allow choosing a loan that perfectly suits your needs, and also to do so with maximum efficiency.

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