It is crucial that you counsel with a competent Mortgage Broker or Mortgage Planner before entering into any loan program. It is their job to thoroughly investigate all of your options, income sources and figure corresponding ratios in order to recommend the best product. A good mortagage planner has the heart of a teacher, not a salesmen and plays the role of a trusted advisor.

Please dont make the mistake of withholding information or providing inaccurate information that they may need to properly qualify you for a loan. You may be tempted to fudge the numbers a little in order to qualify for that dream home, but this could spell disaster as you may be able to qualify for more home than you can afford.

Always shop for the best mortgage broker first and the rates and fees will follow in line.

A trusted advisor always collects all the information necessary such as employment, credit, and property value before quoting mortgage rates. They use this information to analyze your needs and come up with mortgage programs that fit your needs.

Often times there may be several mortgage programs available to you. Ask your mortgage planner to come up with three or four that may fit your scenario the best. Then take the time to sit down with your mortgage planner and have them walk you through the pros and cons of each program. Just because the trusted advisor thinks it is the best program for you, doesn't mean that they are always right. That is why it is best for you to know the loan program, and how it will be able to meet your future needs.

A trusted advisor would be a mortgage professional that quotes rates and terms that are actually available at the time of the quote. Many less than ethical brokers will quote rates that are simply unavailable, get the borrowers into the process and then use some excuse to change the rate or terms right before closing. This is the risk that a borrower runs when they use rates and costs as their only criteria for selecting their mortgage professional.

 

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