How To Find Wholesale Mortgage Lenders

How to​ Find Wholesale Mortgage Lenders
Some mortgage bankers and portfolio lenders are also wholesale lenders that deal with mortgage brokers,​ sometimes exclusively.
Most mortgage lenders have both wholesale and retail departments .​
Mortgage brokers prefer to​ obtain wholesale rates and then mark up these rates by adding points,​ presenting the​ borrowers with quotes that are similar to​ what borrowers could obtain directly from a​ retail lender .​
Mortgage brokers are free to​ set whatever prices they want,​ and have different methods for marking up wholesale rates.
Wholesale mortgage lenders generate residential mortgages through a​ network that includes independent brokers and lenders,​ offering a​ wide variety of​ home financing options: conventional,​ home equity,​ government,​ alternative and jumbo loans .​
All of​ these may be purchased from the​ mortgage professionals,​ including lenders and brokers,​ who make up a​ wholesale mortgage lenders network .​
The goal of​ the​ network is​ to​ ensure that both borrowers and lenders benefit from the​ transaction.
Different types of​ Wholesale Mortgage Lenders
• Wholesale Mortgage Lenders Network
This is​ a​ network of​ professionals working together in​ order to​ find the​ best deals for those involved in​ the​ mortgage process,​ including homeowners,​ lenders and even independent mortgage brokers .​
Professional loan consultants work with the​ homeowner in​ order to​ understand their needs and assist them in​ choosing the​ best mortgage program .​
Even people with less than perfect credit may be able to​ obtain a​ mortgage that will help them repair their bad credit,​ reduce their monthly payments or​ buy a​ home.
• Second Wholesale Mortgage Lenders
These mortgage lenders offer a​ range of​ second mortgage finance programs to​ help homeowners choose the​ right option .​
a​ second mortgage lender offers competitive rates for different loans .​
There are different types of​ second mortgage programs,​ like a​ cash-out second mortgage that can be taken out for debt consolidation and home improvement .​
It can also be used to​ consolidate high interest credit card debt .​
It could mean a​ re-mortgage and be used to​ purchase another property.
The lending criteria set by second wholesale mortgage lenders are very strict,​ though the​ cost is​ similar to​ first mortgages .​
There are also potential tax consequences as​ the​ second home or​ property could be classified as​ providing the​ rental income to​ the​ owner.
• Online Wholesale Mortgage Lenders
There usually are no upfront costs or​ obligations when you​ apply with an​ online mortgage lender .​
It offers flexibility both in​ applying online as​ well as​ in​ obtaining information about various mortgage programs .​
Quotes are also available for free and the​ homebuyer is​ under no obligation to​ apply with the​ lender .​
Rates and costs are easy to​ compare,​ since there are many available materials online to​ help the​ home-buying process .​
For advice on​ which online lender to​ choose,​ a​ professional mortgage advisor may be of​ help.
• Sub-Prime Wholesale Mortgage Lenders
These are lenders specializing in​ loan programs for those with less than perfect credit history .​
Sub-prime mortgages are usually written at​ a​ higher interest rates compared to​ ordinary mortgages .​
Because of​ the​ high cost,​ it​ can help in​ establishing or​ re-establishing a​ good credit record .​
Sub-prime mortgage lenders help credit-impaired borrowers obtain a​ mortgage .​
a​ sub-prime mortgage is​ for a​ short period compared to​ other programs .​
In order for a​ borrower to​ qualify for a​ sub-prime mortgage,​ a​ significant deposit amount towards the​ home is​ expected.

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