When it comes to wholesale mortgage lenders, you have a lot of choices out there. The great thing about that is that there are a lot of benefits of being a mortgage lender rather than dealing directly with individual buyers. However, not all wholesale mortgage lenders are created the same. It's important that you do your research before committing to one. Below is a list of a few things to look for when browsing through potential wholesale mortgage lenders.
Make sure to verify the lender's Better Business Bureau status. See to it that they are in good standing and free of complaints. You would want to deal with only the best wholesale mortgage lender since you'll be loaning them money.
Check out their fees. Some wholesale mortgage lenders will charge you up front and request your upfront fee just to get you in the door. This means you have already paid them their wholesale mortgage lender fees without even getting a chance to shop around for a better deal! You should find a wholesale mortgage lender who lets you shop around, so you can find the best deal without any pressure from the sales staff.
Find out about the terms and conditions. Most wholesale lenders will offer the same basic terms to all of their loan applicants, but you'll want to check to see what you really are getting. For instance, will your wholesale loans come with variable interest rates or fixed rates? How much interest will you be paying on your wholesale loans? These are all important questions that you should get answered before committing to a certain lender.
Contacting the lender's customer service is also very important. Get to know how knowledgeable the lender's staff is and if they respond promptly to questions. Some wholesale lenders may take a while to return your phone calls, while others will always be helpful. Wholesale lenders that treat their customers well are usually the best lenders to work with, so it's important to do your research and choose carefully.
Get pre-qualified. Before you commit yourself to a lender, ask yourself if you can afford to buy the wholesale mortgage you are being offered. If you have bad credit or a bankruptcy on your record, you may not qualify for the best rates. This doesn't mean you can't buy a home, it just means that the interest rate may not be as great as you were hoping for. Your credit score will also affect your wholesale mortgage interest rate, which is why you need to be sure you have good numbers. Having a lender that prequalifies you are one of the best ways to get financing for your new home.
Look at all the information about the loans offered by each lender. Each wholesale mortgage lender will offer a different type of loan, so you'll want to make sure you understand the terms and costs of each loan. Do some basic research online to find out more about the different lenders and what they have to offer. Once you have narrowed down your top potential lenders, contact them for more information about the loan. Some lenders will offer free quotes, while others will require you to apply for a loan before they will give you any information.
Be aware that some wholesale mortgage lenders charge application fees. If you're looking to purchase a wholesale mortgage, then you'll probably want to consider applying for a no application fee loan. These types of loans usually have lower interest rates, so you won't end up paying a lot of interest. But even if your interest rate isn't very low, sometimes paying for a no application fee loan can end up costing you a lot more than a lower interest rate on a wholesale mortgage. Whichever way you look at it, a wholesale mortgage lender can help you buy your new home without paying a ton of interest.