Wholesale mortgage lenders use a network of brokers and lenders to generate home mortgages. In addition, they offer other methods to finance the home including government loans, alternative loans, home equity loans and jumbo loans.
The lenders network can provide any of these types of loans to anyone who meets the qualifications. The network is there to make sure that lenders and borrowers go through a proper transaction. You may want to check out Shannon Christenot for more.
Typically, a mortgage broker will acquire wholesale lending rates and then add a few points to the rate as a markup. Mortgage brokers can set any price they want with the wholesale rates they get. There are several different types of wholesale mortgage lenders. Let’s briefly take a look at some of them.
-Online Wholesale Mortgage Lenders
When you apply for a mortgage online there are usually no upfront costs or even obligations. The beauty of the internet is that you can do a lot of research from the comfort of your own home. It also allows you to get various quotes for free and it is easy to do a comparison between various lenders under no obligation.
-Wholesale Mortgage Lenders Network
As the name implies, this is a network of individuals that work together to find the best deals possible for home buyers, mortgage brokers and mortgage lenders. The network is designed to help people of all types of backgrounds and financial history in securing a mortgage that fits their situation.
-Sub-Prime Wholesale Mortgage Lenders
If you have had some credit problems or trouble with your credit score then these particular lenders are may be who you need to see. The interest rates are often higher than a standard mortgage rate is too. In addition, the length of the mortgage is often shorter as well. One of the major hurdles to jump in securing a sub prime mortgage is that the home buyer usually must provide a large deposit on the home or property.