Are You Working With An inexperienced Mortgage Consultant?
A good Mortgage Consultant should be someone who will help you navigate the market, not complicate your outlook. Here are six tips on finding a good Mortgage Consultant.
1. Shop around. You are entering into a business relationship for your most prized asset. Just as you would research other services, don’t hesitate to talk to several Mortgage Consultants. This is the best way to get to know them and the packages they offer. Simply tell them that you are doing research to make it clear you are not yet committed. Genuine people will go out of their way to help you, those that look at you as a number will not.
2. Access your own credit records. Before embarking on a meeting with various Mortgage Consultants, pull your own credit report. You need to know where you stand with what is on your credit report and what your scores are. I suggest going to www.annualcreditreport.com to get a copy of your credit report. You can also ask a Mortgage Consultant who will be pulling your credit to send a copy to you. When they ask if they may have your permission to pull your credit, phrase it like this, “If you pull my credit will you send me a copy of my report?” If they say no, move on.
3. Make sure they are certified. Mortgage Consultants need to pass qualifying exams to be licensed and to speak about terms of a mortgage; (.i.e. rates, costs, and terms.) Do your research to ensure that any Mortgage Consultant you speak with has met the legal requirements to call him/herself a Mortgage Consultant. Go to www.nmlsconsumeraccess.org to check their verification.
4. Know both the Mortgage Consultant and their company. Ask questions. This is the only way to get answers. Don’t believe everything you read on the internet. I’m an advocate of providing testimonials and references to clients who may be unsure about me. Your goal is to ensure the program you are committing to can be delivered.
5. Create a dialog on their methods used for choosing your program. Again, ask a lot of questions! Do not be afraid to discuss the methods used in order to make a recommendation. Mortgage Consultants will make commission on certain products and may encourage you in this direction. This is called “steering” and it’s illegal, but businesses are still doing it. Understanding their formula will help you uncover who is working in your best interest.
6. Finding someone who is looking out for your best interests can be somewhat annoying, but your home deserves it. Just as a doctor would not make a diagnosis until he or she understood your condition and all your symptoms, just as a mechanic can’t suggest a solution without understanding the problem, mortgage brokers should have a clear understanding about your situation. Be wary of a Mortgage Consultant who is eager to offer you loan packages right away. Ideally, they should be fully informed of your goals and circumstances before seeking out a mortgage that best suits you.
There are good Mortgage Consultants and there are incompetent and untrustworthy ones. Following these tips, asking a lot of questions, and doing a little research will help you find a Mortgage Consultant that will work for you.