Advice Most Lenders & Bankers Give You May Cost You 10's of Thousands of Dollars!

Rule # 1 - Ask the right questions:  Most consumers shop for a mortgage loan like buying a car or computer.  A mortgage is a complicated and technical financial product with implications that affect cash flow, budgets, taxes, financial stability, college for kids and retirment.  Shopping rates and fees, while important is only the tip of the financial iceburg.  Most lenders apporach this process the same way believing if they provide the lowest sounding rate and fees, a smart consumer will jump on it.  Without much exception, most lenders put forth "scripted sales people" NOT looking to build any relationship nor trained to help you navigate these complicated financial waters, but rather to "sell you a loan".  Hundreds of thousands of loan originators have left the business or been laid off in the last 42 months.  Approximately 200 lenders have gone out of business.  On the heels of this housing industry meltdown there have been big name failures and government led takovers or unprecedented subsidies of Indymac Bank, Countrywide, Washington Mutual Bank, Bear Stearns, Merrill Lynch, AIG, Fannie Mae/Freddie Mac, Wachovia and others. Even the most popular big named banks on every corner today would have failed due to the same things that destroyed the above named lenders had it not been for the huge bailouts and Federal Reserve interventions.  

Rule # 2 - You need a Trusted Advisor not a salesperson:  Most questions asked of a potential homeowner or current homeowner when they are shopping for a loan may sound reasonable but most of the time have nothing to do with the short and long term strategies that should be persued by a consumer.  What is the consumer's tax situation, their financial situation, college for the kids and retirement?

Rule # 3 - You need a loan product that is structured specifically to your financial, tax and retirment planning needs:  A great rate is wonderful.  But if you obtain the greatest rate in town but end up getting the wrong loan or it is structured incorrectly, you still lose at the end of the day.  Would you like to save 1,000 a year with a great rate, or potentially quadruple that savings  through wise counsel concerning the structure of the "correct" loan product and implementation of some good habits and mortgage management. There are numerous choices.  How do YOU intelligently make those choices? 

While professional designations do not guarantee experience nor ethical behavior, they go a long way in suggesting the lender is constantly learning and has some accountability to reputable organizations as well as superior skill sets.  Some of the the premier designations available in this industry include: CMP (Certified Mortgage Planner), RMA  (Registered Mortgage Advisor), CMPS  (Certified Mortgage Planning Specialist), CLA  (Certified Liability Advisor).   Don Parsons has these and others.   

At my website you can find tools available to obtain all kinds of numbers, payments, rates, etc.  Use the Debt Consolidation Mortgage Calculator! Confused by all the new regulations, disclosures, procedures and what seems to be invasive requests for information?  It is only beginning.  The lending industry is looking more every day like the revamping of the health care industry and lenders are still trying to figure it out...That is why you need a Certified Mortgage Planning Specialist.  While calcualtors and numbers are helpful, it is expert analysis, interpretation and coaching that causes those numbers to come to life as they apply to your specific financial and retirement needs.

Are you 62 or older and you are now looking for more cash flow for retirement or other life-long financial goals?  Then you may want to consider the Reverse Mortgage.  Be sure to contact my office for a great brochure and coaching on this product. 

Glenn Ormseth

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