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