What Value Does Your Mortgage Banker Add?

This is such an important question especially when buying or getting a mortgage in Fort Lauderdale and South Florida due to so much fraud.  The article below title “What Value Does Your Loan Officer Add?”  does a very good job of going through this.  The mortgage advisor part is especially important because your mortgage should be used as a financial tool.  It’s not just an interest rate:

So, when borrowers shop for loans on the old “price/product/service model”, how does a consumer differentiate between loan officers?

  • Ask for referrals – If you have a friend, co-worker, or family member who had a good lending experience, ask who they used. Talk to people who deal with multiple lenders (real estate agents, attorneys, accountants, etc.) and leverage their comparative experience into making good choices. Loan officers who earn referrals typically go beyond price/product/service.
  • Seek out a mortgage advisor – Even today, with limited loan programs, there are many factors to consider when choosing the right mortgage. Your future income, the length of time you expect to be in the home, and your risk tolerance should be discussed before ruling out adjustable rate mortgages, for example.
  • Look for transparency – Demand a lender who freely and competently discusses rates and likely rate movements. Don’t buy into the idea that rates are conjured up in a mysterious way. Rates are derived by activities in the bond market and your loan officer should be able to explain, in layman’s terms, the factors that affect rates and upcoming events and economic reports, as well as, the most likely impact they will have.
  • Accessibility of information – Are you looking for printed materials and/or videos to guide you through the process? How about online workshops or home buying seminars?
  • Seek out a resource – You may need other professionals when buying a home (from insurance people, to home improvement people, to legal help). A good loan officer has a network of high quality referral partners to help you.