It isn't very often that you get to choose your home. So once you arrive…
Not everyone has the luxury of time for research and running papers, which are exactly the things you need to do when you are set on a home purchase. You want to make sure that the house you will be buying will be worth your money, and it can take a while to search for that perfect place for you. When you plan on paying for real estate using a mortgage loan, there will be even more legwork to be done.
You might want to access your credit report to check for errors and to find out just exactly where you stand financially. You might also need to visit several banks and government offices for the processing of your loan applications. All in all, you will need to save a lot of patience and determination until you close in on a deal. And when you’re already preparing for a change of address, you can easily find yourself in short supply of these virtues.
The good news is, there are qualified and licensed financial professionals who can assist you in this endeavor.
Before we get into the top names to look up in this kind of financial consulting, let’s talk a bit about mortgages. If you are a potential first-time homebuyer, this article is for you as we’ll try to paint you a clearer picture of the whole mortgage application business.
There will come the point in your life when you want to settle in your own home. And in today’s climate and economy, the best option to pursue this goal is to get approved for a mortgage. Paying in cash can dramatically reduce your liquidity while making monthly loan payments through your income can help you a great deal by keeping funds available for emergencies.
A mortgage is basically a home loan wherein your real estate serves as collateral if you stop making your monthly payments. There is an automatic interest rate on top of the purchase price of the real estate, and there will also be other fees paid to third parties and the loan lender. There are also many different types of mortgages that you might want to compare. Depending on your qualifications, you might get a government-insured home loan or a traditional one from a private lender. Whichever you get, you will need to go through quite an arduous process involving several meetings, background checks, and interest comparisons. At least, ideally, these are the best steps for borrowers to take. But unfortunately, due to the expected strain of the procedure itself, a large number of borrowers really end up with the first lender they talk to.
Different clients have their own personal goals and needs. Similarly, different lenders also have their own unique offers based on their determined requirements. One lender might require a credit score of at least 640, while another lender might only ask for a minimum credit rating of 500. To find the right mortgage lender for you, you will have to talk to as many lenders as you can, taking note of all the mortgage rates, services, and benefits each company quotes. But these days, who really has the time to shop around and find all of this out?
Most people only have to go through a mortgage application once in their lives, so a lot of people really don’t make an effort to read every page out of a mortgage guide. However, skipping on some details can really cost you a pretty penny, and when we’re talking in the hundreds of thousands of dollars, we’re really referring to some serious coin here.
This is where mortgage brokers come into the picture.
Whether the job title is mortgage broker, mortgage consultant, or even mortgage advisor, these financial professionals can generally offer you the same services. However, you must find out exactly the kind of role they play in your mortgage application process. Some mortgage brokers can be independent, while some work for companies.
A loan officer can also work as a mortgage broker. A mortgage broker can also serve as a mortgage consultant. Whatever they call their job, they will be able to help you find a mortgage to service your house purchase. But the essential thing that sets these roles apart is if they serve as fiduciaries on their clients’ behalf.
According to Merriam-Webster, a fiduciary “applies to any situation in which one person justifiably places confidence and trust in someone else and seeks that person’s help or advice in some matter.” In other words, this is a person who will act in your best interest.
A licensed mortgage broker can get paid up to 2% of the total loan amount, so depending on the amount a financial institution will be lending you, a mortgage broker can either get a high or low fee for service. This fee is either paid by the borrowers or by the lenders. Mortgage brokers typically do not work for a particular bank as they are usually tasked to find the best option for their clients. A broker could end up talking to several banks and lenders in one day before getting back to the customer. But a loan officer from a specific bank can also work as a mortgage broker since these professions are all experts in the same product information anyway. And for this reason, you will really have to look into your broker’s background and experience to be sure of their intent.
The best home loan expert to get advice from would be a mortgage consultant who also acts as a fiduciary. These fiduciary mortgage brokers may be able to both advise you and help you with the complete loan application procedure. But they won’t have any stake in the whole lending process, whether it will be the bank or the customer who will be paying them.
When in doubt, you can always look up reviews for those who offer these services. Testimonials can be your best source of referrals when looking for someone who can help you acquire property, especially if you live in California, where business is currently booming.
Mortgage Broker Leads
Here is a shortlist of mortgage brokers you can look up if you need leads for your own mortgage application.
A branch manager at Embrace Home Loans who is passionate about helping first-time home buyers find the right mortgage loan. He and his team help clients promise that they will also educate them about the whole process to reduce the overall stress of the application.
He is a native of New Jersey who graduated from Bridgewater-Raritan High School and Monmouth University. He is located at Basking Ridge together with his wife and his daughter.
He is the business development manager at Cross Country Mortgage. A good listener, Molina strives to understand client’s goals and priorities to choose the right loan for them. His experience ranges from government loans (FHA and VA loans) to conventional loans (jumbo loans).
His service promise includes timely communication with clients to get up to date throughout the whole lending process, whether they are looking to buy, refinance, or renovate a house.
He leads The Gale Team that provides services if you need to originate a loan through Nova Home Loans. He is a financial professional who understands the significance of integrity, a positive attitude, and patience, among other values. His Gale Team considers communication one of their priorities in every transaction; that’s why they do their best to return calls, making clients feel available whenever needed promptly.
She is a loan officer at Guaranteed Rate whose job is to simplify each customer’s personal mortgage experience, from application to closing. She makes it a point to explain every step of the transaction to each customer to be in control of every decision. She can be a big help to both first-time buyers and experienced homeowners.
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