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Wholesale Mortgage Loans WHAT IS A “WHOLESALE” MORTGAGE LOAN? A wholesale mortgage loan that is provided to the consumer at the lender’s cost. HOW DO YOU DEFINE “LENDERS’ COSTS”? Lenders shop various sources daily for money. Then they generally mark up the costs before they provide a quote to the borrower.
The borrower is quoted a price, which covers the cost SouthMor has in obtaining the money form the investors, plus the average cost SouthMor Mortgage incurs in producing the loan. HOW MUCH MARK UP IS THERE ON MOST LOANS? That depends. Consumers may borrow money from people who are at quite different levels in the mortgage lending chain. For instance, some mortgage brokers who get their money from lenders who get their money from the final investor. This means there are multiple people in the chain increasing costs and siphoning off profits at the borrower’s expense. WHAT LEVEL IN THE CHAIN IS SOUTHMOR MORTGAGE CORPORATION? In most cases SouthMor Mortgage Corp. deals directly with the investor and cuts out as many of the unproductive middlemen and cost as possible. CAN SOUTHMOR MORTGAGE GET BETTER RATES THAN OTHERS? Yes. Large national lenders such as SouthMor can often obtain special rates form investors because of their size, the volume of business they do on a national level, the quality of loans they provide, and their willingness to meet certain investor performance guidelines. IS IT EASY TO APPLY FOR A LOAN? Yes. Nothing to it. Speak to any agent at The Buyer’s Agent® of Central Florida, Inc. to see how easy it is. We will shop for the lowest interest rate on your behalf, and submit these to you for your review and selection. We also have a wholesale loan that is below the market rate and is available to those who qualify.
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