Not everyone fits into the typical square box that traditional banks want. When you don't, working with a full-service, wholesale mortgage lender is your best option, to getting the loan product you want.
1. You want the best deal out there.
Wholesale mortgage lenders don't work with just one bank. They are brokers with access to many loan programs from many banks. If you are looking for the best deal, they are the ones who will find it.
2. Your income may be unconventional.
Most banks want typical income verification paperwork, like a W-2 from a full-time employer. If you have a 1099 or are self-employed, your income may not appear steady to a traditional bank. Wholesale mortgage lenders know where to shop this type of loan to get you not only funded, but funded at a great interest rate. In fact, many still have access to lenders willing to work with stated income loans, or no documentation loans, which all but disappeared, in 2008.
3. Your credit may not be great.
No one is perfect. Your credit may be dinged, severely dented, or even non-existent. Walking into a regular bank with less-than-stellar credit may see you walking right back out, empty-handed. A wholesale mortgage lender, on the other hand, will know multiple investors who are looking for loans just like yours. It may not be the lowest interest rate, but you can still get the deal done and re-finance, after you improve your credit score.
4. You may not have a full 20 percent down payment.
Saving for a down payment on a house is hard. Saving a full twenty percent can take years, and all the while the costs of homes are increasing. In fact, in many markets, the cost of a home is rising faster than wages, which can make saving for a down payment virtually impossible. Talk to your local mortgage lender about non-conforming loan programs that work with potential home buyers who have ten, five, or even three percent of a down payment.
5. You just switched careers.
Gone are the days of working forty solid years for the same employer. Switching companies is common. In fact, 75 percent of people under the age of 34 see no issues with switching jobs, when it benefits them. Furthermore, AARP has noticed a trend of workers returning to school and re-careering into a passion job, later in life, like teaching or social work. Most banks see this as instability, but there is always a non-conforming loan program that will work with you.
No matter what a traditional bank tells you, check with a full-service, wholesale mortgage broker about what their loan programs can do.Share