Wholesale Mortgage vs Retail Mortgage

There are 2 ways to secure a mortgage.   You can go retail or wholesale.  Here are the differences:

An example of a retail mortgage is walking into a local branch of your bank and securing financing.  They might have a “good deal” for you but how would you know unless you went into all the other banks to do an “apples to apples” comparison.  In my experience, retail banks generally offer a higher rate, higher closing costs, less product options, and frustrating completion times. Plus, what they have is what you get.  Not all banks have the same loan product mix or underwriting guidelines.

A wholesale broker has relationships with all the major banks plus many smaller lenders that you have not heard of.  We are familiar with each banks guidelines, turn times, product mix and underwriting criteria.  What does this mean to you?  Options!!!   A wholesale broker will offer you the best rates with the lowest costs.  A wholesale broker will get the loan done quickly and will have many loan options for you.

If you want to talk about a home mortgage, please call Michael Divita @ (310) 849 9124.