The big banks of the last 100 years were initially created to help the little people. When individuals could not just walk up and buy a house with some animals, gold coins, and some cold hard cash, they would go to a bank. The banks would back the funds and get people in a house through the earliest mortgages. These banks grew, became Wells Fargo, Bank of America, Chase, and many others. Now, the climate is a little different.
The banks that supported the middle class in the dawn of the 20th century and beyond have shuttered their doors to clients with poor or mediocre credit and only a modest down payment. The housing institutions have tightened ship after the recession.
Regardless of all this, there are still people with bad credit. There are still people who want to own a home yet only have $5,000 saved away. The demands for entry-level housing have never gone away, despite the tightening of the big banks. In 2017, alternative lending has grown to astounding proportions.
A Glance at Direct Lending
Big banks are moving away from FHA loans en masse. People are discovering incredible opportunities through direct lending. Direct lending is a system that avoids brokers and avoids the big banks. Customers are able to retrieve loans independently and at the local level. The direct lenders favor individuals with poor credit yet have a stable income. They are able to get into a home on terms that are not grossly restricted and mandated by banking regulations.
Where can borrowers seek information on direct lending, bank loans, and other possible mortgage outlets? Dustin Dimisa has sought to make lending more transparent. He has succeeded with the Customer Connect project. Potential home buyers can see Dustin Dimisa online at his official website. They can learn a wealth of information on direct lending, including the pros and cons of the approach. It is not all perfect, and direct lending still leaves people with obstacles. Yet, buyers have so many options on how to own a home without being forced through the doors of some of America’s biggest banks.