Mortgage Investment Corporations (MICs) have gained popularity as a powerful alternative to traditional banks, giving borrowers a new alternative to obtain funds for their mortgage funding requirements. In MICs, investors pool in their money and invest in various mortgages, simultaneously becoming shareholders in many properties.
In this blog, we have highlighted the advantages offered by MICs over traditional banks:
- Funding Opportunities for Borrowers
Homeowners who struggle to obtain loans from traditional banks can benefit greatly from MICs. Those having low credit scores or who do not have a consistent source of income may struggle to obtain bank loans. This is where MICs come in. They provide private lending or funds from a mortgage pool, even when the banks refuse a loan approval.
- High Rates and Accessibility
One notable feature of MICs is the balance they strike between accessibility and interest rates. They offer higher interest rates than banks, yet they are more accessible than private loans. This distinct feature makes them an attractive option for borrowers looking for borrowing without being burdened by high interest rates.
- Flexible Loan Terms
MICs are more flexible than banks. They follow their own rules and are not required to follow the stringent regulations that banks do. This allows MICs to craft loan arrangements that are tailored to each individual’s needs. It means they can offer loans for various purposes, such as buying a first home or constructing a new one. MICs promotes accountability, transparency, and safeguards the borrowers, giving them peace of mind during the borrowing process.
- Quick Approval & Efficient Process
Unlike traditional banks, which have lengthy approval times and complex qualification processes, MICs provide a more straightforward approach to mortgage approval. MICs can develop plans and approve loans in as little as two weeks. This not only fulfills the urgency of borrowers’ needs, but also simplifies the borrowing process.
Conclusion
Mortgage Investment Corporations (MICs) offer an innovative approach to mortgage borrowing that adapts to the various needs of borrowers. They assist those who have been denied loans by traditional banks. This demonstrates their significance in promoting equity in borrowing.
Moreover, MICs provide loans with speedy approval processes, flexible terms, and loans tailored to each individual’s requirements. That’s why, they are considered a better option than traditional banks.
If you are looking for a mortgage investment company in Abbotsford, Versa Platinum is here to assist you. We are trusted Abbotsford MIC company providing investors with easy mortgage investment options and help mortgage borrowers in getting an easy access to funds. For more details, contact us right away.
