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The Difference Between Wholesale and Retail Mortgage Rates

Mortgage Quest a dba of McCormick Lending Group, Inc. Wholesale Vs. Retail Mortgage Rates Explained We work with several banks. mortgage wholesalers and mortgage bankers that allow us to shop rates for our clients.  Being that we do all of the processing for these sources we receive Wholesale Rates which are always discounted from Retail Rates (rates offered from bank branches, direct mortgage lenders, servicers etc.). There can be a large variance (both positive and negative) between lenders on a daily basis on the Wholesale Rate as they compete for market share.  Thus, being that we have several sources to choose from for our client we always have aggressive rate options. Once we close a loan for our client the loan is then serviced by the bank, lender or servicing company.  At times they have a Retail division that may solicit the client or make it seem that they can streamline the mortgage process as they currently have the loan in their servicing department.  But, wit
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"Don’t Overpay For Your Mortgage"

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It's Pretty Simple: Low Overhead + Low Margins = Low Rates Over 20  years ago, after working for large banks and mortgage banking companies, I figured out how to operate a mortgage company utilizing a business model which allows us to offer ultra-low interest rates for our clients.  As the owner I control our pricing model which keeps our rates generally .25-.50%+ lower than the competition!  Also, we are able to offer free and unlimited rate floatdowns after a loan is locked ensuring the lowest rate possible for our clients. To see how we operate differently visit us at: www.McCormickLendingGroup.com Call Toll Free 800 328-0144 or Email   McCormicklending@gmail.com Bob McCormick, President Lending in Arizona and California  nmls 175743 azmb 0903631  cadbo 603J043 Equal Housing Lender
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Alternative/Portfolio Underwriting Guidelines - Currently Available!

Mortgage Quest a dba of McCormick Lending Group, Inc. Even though our business model focuses on offering Fannie Mae/Freddie Mac and FHA/VA interest rates generally .25-50% lower than the competition we also offer these loan options to help your buyer's secure financing: * IRA distribution income no seasoning *Utilize Liquid Assets in Lieu of Income for Qualifying *Clients Over 62 Years Old With Low Income- Utilize a Reverse Mortgage for Purchase *Cross Collateral  Loan Program (No Downpayment Required) *Portfolio Underwriting  Feel free to contact me or visit us at   www.McCormickLendingGroup.com   Bob McCormick, President Toll Free 800-328-0144  Lending in Arizona and California "Don't Overpay For Your Mortgage" AZMB#0903631 / CA CFL #603J043 / NMLS# 175743 179756
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Why Your Current Loan Servicer May Not Offer You The Best Rates

Mortgage Quest a dba of McCormick Lending Group, Inc. Low Overhead + Low Margins = Low Rates Without question mortgage rates are a very hot topic.. Interest rates remain very, very low and many have already taken advantage of these incredible rates.   One common question that  I am often asked  is how I can generally offer a lower rate than the homeowner's current lender/servicer (even though I may have originally closed the original loan for the homeowner with this same servicer)? As a wholesale broker I receive wholesale rates which are generally .25%+ or $2,500 lower in costs than a homeowner's current loan servicer will offer directly as they price rates as "retail" and not "wholesale". Their hope is that the homeowner does not question the fact the loan servicer is only handling the mortgage payments (most of the time Fannie Mae, Freddie Mac, HUD or VA owns or insured the loan) and a  brand new loan  has to be originated on any refinance.  Ironically, I
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In-House Bridge Loans Available (purchase before selling and remove contingency)

Mortgage Quest a dba of McCormick Lending Group, Inc. We offer In-House Bridge Loans for borrowers who want to purchase a new property prior to selling their current property.  Great rates, flexible terms and no upfront cost or monthly payment options available!   Visit our website to learn more!  Bob McCormick, President Office 800-328-0144 Contact Me www.McCormickLendingGroup.com  Lending in Arizona and California "Don't Overpay For Your Mortgage" mb0903631 nmls175743 nmls179756 Cadoc603J043  Equal Housing Lender
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One-Time Construction Loan (Rate Never Changes)

Mortgage Quest a dba of McCormick Lending Group, Inc. Overview of our True "One-Time" Construction Loan *New Construction or Major Remodel *Owner Occupied or Second Home *Loan Amounts to $2,000,000 *Loan to Value to 80% (85% on exception) *30 or 15 year fixed rate (Rate is locked upfront and WILL NOT change as it is also the Permanent Loan as well) Contact me with any questions or scenarios  Bob McCormick, President Toll Free 800-328-0144   Visit Us Here  Lending in Arizona and California "Don't Overpay For Your Mortgage" mb0903631 nmls175743 nmls179756 Cadoc603J043
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Keep More Equity With Our Low Cost Reverse Mortgages!

Mortgage Quest a dba of McCormick Lending Group, Inc. As the owner of Mortgage Quest I control our pricing model and have lowered our margins and costs for our clients! We offer extremely low margins and costs on our Reverse Mortgages  to help preserve as much equity as possible  over the life of the loan (most reverse mortgage lenders do not offer this as they want to maximize their own profit) For borrowers over 62 years old looking to purchase or refinance Only have to qualify to prove ability to pay annual property taxes and insurance You always keep title and own your home Visit our website to learn more! Bob McCormick, President Toll Free 800-328-0144   Email Me  Lending in Arizona and California "Don't Overpay For Your Mortgage" mb0903631 nmls175743 nmls179756 Cadoc603J043  EQUAL HOUSING LENDER
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Cross Collateral Loan Program

Mortgage Quest a dba of McCormick Lending Group, Inc. Even though our business model focuses on offering interest rates generally .25-50% lower than the competition we now also offer this loan option to help our clients  secure financing: Cross Collateral Loan Program This program allows our clients to use the equity in their current home to purchase or construct a new home by obtaining ONE loan against the new property and the existing property combined.  When the existing property is sold and the principal balance is reduced the exisiting property is released and the loan is re-amortized over the remaining term; No refinancing is needed! ONE loan, which is secured by the new property and current residence May be able to borrower up to 100% of the new home and closing costs Provides ability to make a non-contingent offer Feel free to contact me or visit us at  www.McCormickLendingGroup.com   Bob McCormick, President Toll Free 800-328-0144 Email  
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Interest Rate Protection Program in this Volatile Market

Mortgage Quest a dba of McCormick Lending Group, Inc Interest Rate Protection Program in this Volatile Market We are not limited to one bank, investor or warehouse credit line.  We have the ability to lock in a rate for our clients to be safe and if the market improves either renegotiate or internally switch lenders to access the lower rate.  This hedges rates for the best possible upside and eliminates market uncertainty on trying to time when to lock a loan. Visit us at  www.McCormickLendingGroup.com Bob McCormick, President Toll Free 800 328-0144 or Email   McCormicklending@gmail.com Bob McCormick, President Lending in Arizona and California  nmls 175743 azmb 0903631  cadbo 603J043 Equal Housing Lender
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Mortgage Quest Video

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Large Bank? Mortgage Banker? Mortgage Broker? Direct Lender? Which Offers The Best Rates?

Large Bank? Mortgage Banker? Mortgage Broker? Direct Lender? Over the past few years I have had many clients whom are shopping for the lowest rates and costs share with me various different stories when speaking with each type of lender.  It is important to mention that the majority loans are sold by ALL lenders on the secondary market (Fannie Mae, Freddie Mac, FHA/HUD, etc.).  Thus, we all offer the same products but just operate in different manners. One large bank told a client  "We are one of the largest banks in the United States so we have the lowest rates and costs."  Another mortgage banking company said to the client " We are a mortgage banker, we lend our own money so we offer the lowest rates and costs", while another said to a client "We are a direct lender! We offer the best pricing in the market!" I can make it very, very simple for anyone that is shopping for a mortgage loan.   There are only TWO numbers that matter :  The Net Ori
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Understanding Your APR- From Yahoo Article

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Do You Really Understand Your Mortgage APR?   By   Scott Sheldon May 20, 2015 6:00 AM     Everyone wants to know they're getting a fair and reasonable mortgage offer. The federal government supports the annual percentage rate disclosure (APR) as the benchmark barometer of loan cost when mortgage shoppers begin their quest to find a good deal on a home loan, which is why it's so important to understand what goes into a mortgage APR and how you can harness this knowledge to find the best loan for you. Related Stories The Interest Rate vs. the Annual Percentage Rate   The Wall Street Journal The Major Mortgage Cost Most Homebuyers Overlook   Credit.com Mortgage Loan Rates Edge Toward Year-to-Date Highs   24/7 Wall St. How to Make Sure Your Mortgage Doesn't Get Nuked at the Last Minute Credit.com How Important Is Your Down Payment on a Home?   Credit.com Quick APR Tidbits The annual percentage r
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