When you hear the mortgage company ads on radio or TV, most people would say mortgage companies consist of loan salesmen/women. It’s pretty obvious from the language used that they would be correct in this opinion, and they are most of the time. This creates confusion for the consumer and in effect trains the consumer to shop for the lowest rate, which is what everyone wants, correct?! Yes and No!! I guarantee that if you shop around you will always find a lower rate, by simply asking! What invariably happens is that you get what you ask for on the surface, but you will be penalized somewhere else, usually before you realize it, and end up with a loan that could be completely wrong for you. This situation usually results from obtaining a loan from a loan salesman not a consultant. A consultant asks alot of questions, (other than the obvious-what do you make?, what is your credit score?) such as what your short and long term goals are, how long are you going to be in the house, are you trying to make money on this? (a flip,etc), how close to retirement (are you satisfied with your retirement plan & amount), do you want a pre-pay penalty (which will usually lower your interest rate), do you want to pay points (with an explanation why you might or might not want to), etc, etc. Anyone can quote rates without these questions (which is what a salesman wants because it’s an easy sale!),but this is like going in for surgery before the doctor has met with you, done tests and consulted with you! Who would do that!!?? In the loan business, many people get a loan in just this manner!!! This is great for the loan salesman and terrible for the consumer, and creates a bad environment for the true loan consultants. There is so much B.S. flying around that it’s hard to see. It’s like a snowjob!
My background as a General Contractor, Real Estate Investor, and Mortgage Professional, brings a more comprehensive knowledge to my clients. My own experiences and successes in all these professions is what motivates me to help others, since I know what I’ve been able to accomplish myself utilizing what I’ve learned. My mission is to show others how to use mortgage financing in particular to create extraordinary wealth. This entales a thorough understanding of each client’s unique circumstances and their goals, in order to lay out options to attain these goals. I need to know exactly where they are now and where they want to go, to be able to offer any value. As advertising essentially trains the consumer that a mortgage professional is not the person to seek financial advice from, most people are surprised that I ask the questions I do ask. They end up being pleasantly surprised that I care enough to really help them!! What a concept!!!
November 3, 2007 at 7:25 am |
Everyone has to sell themselves and their product. The best salesman offer some helpful advice and guidance. This is the difference between a good and bad loan consultant.
June 21, 2009 at 4:07 pm |
That is very important section. You are possibly that a good broker. Thanks.