Wholesale mortgage rates refer to the rate at which no premium is paid for making mortgage. In a word, it is a mortgage rate at which a home loan package is offered with per interest rate. Obtaining a mortgage rate can be supportive for borrowers in the long run, because it is cheaper than the other forms of mortgage rates. Let’s find how to purchase a wholesale mortgage rate.
Contact a loan officer:
Call a loan officer and ask him about the wholesale mortgage rates. Check the list of interest rates of a bank or insurance company with the cooperation of a loan officer. If you find wholesale mortgage rates in the list, ask the loan officer about the terms and conditions of wholesale mortgage rates. You can communicate with a loan officer over the telephone or email. Besides, you can check quotes of wholesale mortgage rates on different websites.
Express your eagerness to have wholesale mortgage rates:
Now express your eagerness to the loan officer that you are interested to purchase wholesale mortgage rates. Inform your loan officer that you don’t want to pay your lender and loan officer for making mortgage. Be frank about the factors, because there are many loan officers who manage their lenders to require an extra charge on making loan. Be careful about the fact, because it can increase the overall costs of your loan. Ask your loan officer that to secure the wholesale mortgage rates how much mortgage payment you should pay each month.
Estimate your savings:
Calculate your savings and credit scores to secure your wholesale mortgage rates. To secure a wholesale mortgage rate it can cost several thousands of dollars over the life of loan. For instance, $250000, 30 years fixed rate mortgage with an acceptable interest rate of 6.25%, you have to pay monthly mortgage payment of $1350. Increase your monthly savings to get more affordable wholesale mortgage rates. And pay mortgage payment against your loan regularly to boost credit scores.
Specify a rate and deal with your lender:
Determine a wholesale mortgage rate and talk with your lender to approve the mortgage rate. You can submit an application to your lender to approve your wholesale mortgage rates. Confirm that there is no markup to lock mortgage rate. However, there are some lenders who demand mortgage rate lock fee from the borrowers. And finally get the approval of a wholesale mortgage rate from your lender.