When it comes time to take out your first or next mortgage, you obviously have some different options available to you. There are a variety of banks and private mortgage companies that might be able to give you the loan you need to buy your dream house. But if you truly want to turn over every rock in the search for the best deal, you might want to take a look off the beaten path. Here's why it might be a good idea for you to reach out to a wholesale mortgage lender for information before you make any final financial decisions about your mortgage.
Wholesale Brokers Can Shop Around for You
When you typically apply for a mortgage at a bank, you will be locked in to whatever rate the bank offers you. If you don't like the rate, you'll have to go through the process again at a different bank and hope for a different result. By working with a mortgage broker who has access to wholesale lenders instead, this entire scenario gets flipped on its head. A mortgage broker can check multiple different rates from multiple wholesale lenders. The broker will then provide you with the best possible option out of everything that is available to you.
There Might Be Rebates Involved
Wholesale mortgages typically come in at a higher interest rate than those obtained through more traditional means, but that might not be a bad thing once you factor in things like rebates. Most wholesale lenders know that their interest rates are a bit higher than the rest of the industry, and so they are often willing to sweeten the deal by offering the customer a rebate up front, often off of the down payment amount. This could help reduce your out of pocket costs up front and help you get into the house now instead of later.
More Likely to Be Approved
If your credit is not amazing, you might have trouble getting approved through a traditional lender. Wholesale mortgage lenders tend to be more forgiving of mistakes made in the past. To be clear, you still need to have reasonably OK credit to get just about any type of mortgage these days, but with a wholesale lender, you can typically have a few more black marks on your record without it completely destroying your chances.
Contact a wholesale mortgage lender or mortgage broker today for more information.
Share28 August 2019
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