What’s the Deal with Mortgage Consultants
By Joshua A. Carlson
How are Mortgage Consultants different from Mortgage brokers or bankers? As a Real Estate Broker, I get asked certain questions about other real estate professionals. Many people are confused when it comes to Mortgage Brokers, Bankers, Consultants, etc. The following are some of the top questions I receive when it comes to Mortgage Consultants.
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- What is a mortgage consultant? A mortgage agent toronto or consultant helps people find and apply for different types of mortgages like DSCR mortgage loan and make sure people are fully informed about what’s available. Not all mortgage consultants are the same. What kind of advice you receive depends highly upon whom they work for. There are 2 main types of mortgage consultants you come across, Mortgage Brokers and Mortgage Bankers. Mortgage Bankers recommend products and services in which ONLY there company sells. Mortgage Brokers offer a range of products from a variety of Different companies. I have always preferred Mortgage Brokers as they have more options for my family, friends and clients.
- Are mortgage consultants necessary? No they are not necessary but I highly recommend one to help you gather and review all your documents so you can obtain the best mortgage plan that suits your lifestyle and needs.
- When should I hire a mortgage consultant? As soon as you get done reading this column you should call one. The sooner, the better. Whether you are renting or looking to buy a home or in the midst of selling one, you should know where you stand financially. Meeting with a Mortgage Consultant will let you know a number of things such as what type of documents you need in order to qualify and what you need to do to start preparing so you can receive the lowest payment plan options for you. It is important to hire a mortgage consultant and keep in contact with him or her every 6 to 12 months. You should even contact them when your financial situation changes. For example, if you obtain a new job or pay increase you may be able to qualify to buy a home instead of continuing to rent.
- How much does a Mortgage Consultant cost and do I need to pay upfront? A good mortgage consultant is going to guide you through the process and not charge an upfront fee. They get paid in different ways depending on what type of loan you qualify for. Sometimes you will be charged something called points which are either charged outside of the loan or added into the interest rate. Or they may also charge a flat fee and you pay them at the time you obtain your keys at closing. No matter which way a Mortgage Consultant gets paid it should be disclosed to you upfront. If they don’t, don’t be afraid to ask.
- What should I look for when hiring a Mortgage Consultant? Do not ask just anyone as you will be handing them your personal information. Always ask a qualified source and get their on demand real estate licensing school information. GREAT Mortgage Consultants will be open and honest with you as you should be with them. Remember, they are trying to help get you a loan so you need to disclose everything. For a list of questions to ask when interviewing a consultant shoot me over an email at CarlsonRealtor@gmail.com.
I always recommend 2 to 3 people whom can get the job done. Most go with my #1 choice which is Rick Salerno. He is straightforward, honest and gets the job done with some of the lowest rates in town. Rick focus’s and cares about your bottom line, not his, which is a tough quality to find. If you are interested in a FREE Mortgage Consult you can reach him at 954-993-4500. If you are looking for someone whom will be honest with you and let you know if you are ready to purchase or if you need to wait another year because you are not financially capable yet, then Rick Salerno is your man.
Stay tuned for more tips and important information regarding your Home: Inside and Out…
