Providential Bancorp, Ltd. (PBL) is a hybrid mortgage company in that we both broker loans to other investors and bank loans using our own funds, which makes us a direct lender. This means that we can be your only point of contact through the entire process of obtaining a loan for your property. 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 efforts to help you obtain the best loan for your unique situation are more fully explained in the loan process section of this website. 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 sometimes uses its own funds to help meet the borrowing requirements of our customers. This allows us be 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 have 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.
You may apply for a mortgage online by filling out our online mortgage application, you may call our loan officers at 800-864-SAVE (7283), or you may contact us at a convenient time.