Steps To Obtaining A Wholesale Mortgage
If you are in need of a wholesale mortgage lender, you might be wondering how to go about finding one. Fortunately, it is not nearly as difficult as you might think. For starters, there are several wholesale lenders out there who specialize in providing wholesale mortgage loans. Here is how to get started:
* Find a wholesale mortgage lender. There are many different wholesale lenders, such as local banks, credit unions and thrift associations. You can usually find them by visiting the local Chamber of Commerce or the Better Business Bureau. After you have determined which wholesale lender you want to use, contact them. You can ask for a free no obligation quote from them or apply online.
* Get pre-qualified. Once you have found a wholesale lender, check out their lending criteria. Most wholesale mortgage lenders require that you have at least $1,500 to start. They will also require that you have a fixed income and have proof of your current mailing address and savings account. If your credit score is low, you may be required to pay a higher interest rate.
* Get a loan application. Once you've gotten pre-approved, you can now submit your loan application. Make sure that your lender lets you know how soon you can expect to get the money. Some lenders give you the money on the same day while others take up to two weeks.
* Pay off the loan. Once you have been approved by the wholesale lender, you should receive an agreement. This agreement should clearly explain what you must do with the money that you receive. Some wholesale lenders will allow you to use the money to pay down your debt, start a new business or pay for something unneeded. It is ultimately up to you to decide how to spend the money.
* Close the deal. You should get in touch with the wholesale mortgage lender once you have been approved. Find out when they will be releasing the funds. When you receive the money, you should use it exactly as planned. Use the money to pay off your debts as quickly as possible.
* Get your loan started. You will probably receive a confirmation from the wholesale mortgage lender. This confirmation will let you know when the loan will close and when it will be shipped to your home. You should always have money in your bank account when you ship the loan to your new address. This way, you will not incur any late payment fees.
To find a good wholesale mortgage lender, check with your local bank or credit union. Ask about their relationships with wholesale mortgage lenders. A good lender will work with your local banks and credit unions. If you have had bad financial experiences in the past, consider working with a wholesale mortgage lender that specializes in bad credit mortgage loans. A reputable lender will help you to build a stable financial future.
* Make sure the wholesale lender is licensed to provide wholesale mortgage financing. Do an online search for wholesale lenders. You will likely find several wholesale companies that offer loans. Be sure to work with a wholesale lender that has a good track record of making loans on time and offering competitive interest rates.
* Know how much you will be paying for your wholesale mortgage loans. Find out how much the total cost will be before you submit an application for a loan. Do not borrow more money than you can afford to pay back. When you finance a home with a wholesale mortgage loan, you are typically locked into long-term loans that charge you balloon payments that exceed the life of the loan itself. Take care of this loan and find a low rate when you get started.
* Meet with your wholesale mortgage lender. Before you accept a loan from your wholesale mortgage lender, be sure to meet with them to discuss your situation and find out if you even qualify. Your mortgage broker can often help you with this process.
After you find out if you do qualify for a wholesale mortgage loan, you are ready to begin shopping around for the best deal. You can check with a wholesale mortgage lender or broker. You can check with your bank. Or you can shop online for the best deals. Either way, you can get a better deal than you might with a regular mortgage lender.