Lender No Longer Refers to Shady Racketeers Doing Back-Alley Deals.

“Lender” Isn’t a Bad Word

It’s amazing how many people hear the word “lender” and still think of shady racketeers, working back alley deals, and hanging people by their thumbs when they don’t pay up! Noooot exactly.

MICs and Monolines

Usually, when a mortgage agent refers to a “lender,” they are talking about a financial institution like a “Monoline” or a “Mortgage Investment Corporation” (MIC) that loans money on things like mortgages, but who do not perform other financial services the way banks do. Basically, they will give you a mortgage, but they won’t cash your paycheck. These institutions offer very competitive rates and lending terms. But because there’s no branch you can walk into, people are sometimes hesitant to use them for their mortgages. What if something comes up? They wonder. What will I do? The answer is                                                                                                                           simple: You will call your Mortgage Agent! That’s what we’re here for!