Providential Bancorp, Ltd. (PBL) is a hybrid mortgage company in that we both broker loans for other investors and bank loans using our own funds, which makes us a direct lender. All mortgage companies (large and small) offer mortgage solutions to their customers based on the customer’s credit score, Loan to Value ratio, Debt to Income ratio, and overall amount of financing sought. Most lenders offer only a few mortgage alternatives and try to sell you on choosing one of the solutions they offer.
Our mortgage professionals will work with you to determine which product is right for your individual needs. The right type of loan for you depends on many factors including your current and future financial picture, how long you intend to keep your house, and how comfortable you are with your mortgage payment changing over time - to name a few.
Providential possesses its own funds that are used to meet the borrowing requirements of most of our customers. Because the money is ours, we can be very flexible in the way we structure each mortgage; and, we don’t have to pay a middleman (the broker) a fee for coordinating the transaction. On occasion, another lender will want customers of a specific profile, and they will offer ‘below market’ rates in order to attract business from their target customers. When one of our lenders has a strong preference for your financing characteristics, we will match your loan request with their offering so you get the lowest interest rate possible. In this case, we are acting as a broker. And as we’ve mentioned, we represent many hundreds of loan programs, so there is a high degree of probability we can find you a lender who is searching for your type of loan at the time you are seeking financing.
Find out more information on our Mortgage Solutions
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