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John Desmond

How to Pick the Right Loan Consultant

Sunday, July 29, 2012 - Article by: John Desmond - ENG Lending - Message

When selecting a loan consultant, don't assume that your local bank hired the best in the business. Most banks hire relatively new salesperson as mortgage loan officers. The secret to selecting an expert is a combination of experience and training.

An experienced loan consultant can help you understand the entire mortgage process and will be able to determine the best loan for you based on your individual goals. The right loan for someone who plans to stay in a home for three years and who has increasing income, may not be the right loan for someone who wants to have the loan paid off within 15 years and can afford a higher payment. The first borrower may find a five year adjustable rate mortgage the best option, while the second borrower may realize a 15 year low fixed rate mortgage matches her needs best.

Many borrowers find the mortgage process very frustrating. They feel they are kept in the dark about the process and problems that arise which cause delays. An experienced loan consultant does not over promise, but rather explains the type of problems you may experience and the solutions to those problems. By keeping you informed and protected, an experienced loan consultant reduces your stress.

A poor inexperienced loan officer may suggest you fudge information on your loan application, or may not get a complete application out of laziness. The more complete and accurate your loan application is from the beginning, the faster and smoother your loan underwriting will be. The industry has evolved to the extent that fraudulent or misleading information is almost always uncovered by fraud alert systems that scrutinize employment and residency information. You are required to be honest in completing a loan application. Do not do business with any loan officer who tells you otherwise.

Lastly, an experienced loan officer can explain how fees and interest rates are dependent on one another. The more fees you are willing to pay, the lower your rate. The less fees you are willing to pay, the higher the rate. Many loan officers will tell you they have the best rate only to surprise you with unreasonable closing costs. It is best to work with a loan officer who explains all of your rate options with you, and who will suggest a rate and fee combination that works best to meet your long term goals. The right loan officer will always get an exact title fee quote so that the Good Faith Estimate provided to you is accurate.

One of the best ways to find a good consultant is to compare loan officers on this site. As a mortgage consultant with over 20 years experience, a law degree and an MBA, and the ability to lend in all 50 states, I am proud to be a part of a website that provides this service to consumers.

Best of luck in your search to find the right consultant.

John M. Desmond

ENG Lending


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