About Mortgage Consultant
To purchase a property the most common way a homebuyer or real estate investor uses is through a mortgage.
Whether they go to a bank, mortgage broker, or building society they would be dealing with a mortgage consultant, or mortgage adviser, at some point or other.
A mortgage consultant helps people in determining what mortgage is best for their particular needs.
A mortgage consultant guides homeowners in understanding the various mortgage products available to them and also helps in simplifying the mortgage process and getting approved for a mortgage.
Let us learn more about what a mortgage consultant does, how they differ from a mortgage broker, and who should work with a mortgage consultant.
What Is The Profile Of A Mortgage Consultant?
A mortgage consultant helps the borrowers to identify the best loan product according to the borrower’s specific needs.
They can offer, explain, and compare the different loan products available in the market and based on the borrower’s financial situation help them identify the best loan product, by looking at the amount of down payment, debt-to-income ratio, credit score, or the type of property that is being purchased.
With this information the mortgage consultant shops around to secure the best interest rate and loan terms for their specific needs.
We need to know that a mortgage consultant is not the same as a mortgage loan originator.
The consultant doesn’t create and underwrite the loan instead they just help move the loan process by working directly with the loan officer.
A mortgage consultant’s job is to first help the borrower to choose the right loan program, go through the process of a loan application, and finally help them get past loan approval to closing.
How Is A Mortgage Consultant Different From A Mortgage Broker?
A mortgage broker works with only one lending institution, whereas an independent mortgage consultant works with multiple lenders, so they have more choice of loan products that a borrower can choose from according to their financial goals and needs.
A greater variety of products and wider and more diverse mortgage lender reserves are available to the mortgage consultants when they work with a broker agency.
The range can include a new loan origination or refinance of an existing loan on a home.
How Do The Mortgage Consultants Charge?
For their services, the mortgage consultants get paid a fee, which is a percentage of the total loan amount.
The payment needs to be done only when the loan is closed. Depending on the specific agent the borrowers are working with the fees will vary and could range between 1% — 3%.
This amount should be disclosed by a mortgage consultant through a contract when the relationship begins, and if the loan is approved then it should be detailed on the closing statement.
The borrowers are responsible for paying the fee, but many times the fees get added into closing costs and paid at closing, or sometimes it can be rolled into the loan amount and paid by the lender at closing.
When Should You Work With A Mortgage Consultant?
Mortgage consultants are not needed for everyone. If a home buyer or an investor is going with a conventional loan a mortgage consultant may not be worth the cost.
But if they’re looking to use alternative loan programs, such as commercial real estate, or they want to get a specialized loan program, having a mortgage consultant can be helpful and will reap major savings.
By shopping around and using the mortgage consultant’s expertise and knowledge about the availability of different programs and loan options, over time a home buyer or an investor can save thousands of dollars on their loan costs.
Conclusion
In order to help customers with their mortgage application mortgage consultants work with and on behalf of customers.
A mortgage consultant can help you to narrow down the best loan option.
The ideal way is to shop around and make sure to find the right consultant, who can keep the best interest and needs of a borrower as their priority along with having the experience and knowledge.
https://www.compareclosing.com/blog/what-is-a-mortgage-consultant/
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