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The Benefits of Working with a Loan Consultant As you consider financing your home loan, you may wonder whether you should go directly to your bank or seek out a mortgage/loan consultant. A little background information on working with a loan consultant may help you decide. Competitive Pricing Mortgage consultants work with many lenders, giving them access to some of the best rates in the industry. Lenders provide wholesale rates to loan consultants in return for the work they do to pre-qualify borrowers. Your mortgage consultant will always be competitive with direct lenders, who have to pay their own staff to perform those functions. The loan consultant charges processing fees similar to those of a direct lender, but with many more interest rate, points and fee combinations to choose from. Broad loan selection In representing borrowers, loan consultants can choose from multiple lenders to find the best loan for each borrower. They keep close tabs on the lending industry, receiving rate quotes from many lenders each day and staying abreast of new products. Unlike a direct lender, which must conform to its own lending requirements, mortgage consultants offer loan products to fit most any circumstances. If you apply for a loan and the situation changes along the way, they can quickly transfer your application to another lender better suited to your particular loan needs. Loans customized to meet your needs A loan consultant tailors your loan to suit you. They can even help you correct any credit problems before submitting your loan application so you get the best rate possible! And since they work with a broad range of programs and lenders, they have access to the best rates, most flexible packaging and varied financing. Personal service and customer satisfaction Because loan consultants work independently from lenders, they offer their clients more flexible and customer-focused relationships. You'll have the opportunity to meet in person, build a relationship and get the personal attention you need. Unlike most direct lenders, mortgage consultants often work evenings and weekends, and may even make house calls. Since satisfied borrowers and real estate agents become the source of new referrals, they have an extra incentive to meet your needs. Loan consultants, like real estate agents, are paid a commission at the time the loan closes, another reason to make sure your application is successful. The home financing industry goes through continual change, and your loan consultant has the advantage of knowing the products and which lender is most likely to accept your unique loan package. Thanks to this depth and range of product knowledge and strong commitment to customer satisfaction, you can be assured not only of getting a better loan but also of having a smooth and efficient lending process.
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