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

Rule # 1 - Ask the right questions:  Most lenders are NOT looking to build a relationship with you but rather to "sell you a loan" much like people sell cars and computers. It was  said that over 60% of the loan officers over the past 5-7 years had been in the business for less than 5 years.  That may be why over 300,000 have left the business or been laid off in the last 24 months.  Approximately 150+ lenders have gone out of business.  On the heels of this housing industry meltdown there have been big name failures and government led takovers of Indymac Bank, Countrywide, Washington Mutual Bank, Bear Stearns, Merrill Lynch, AIG, Fannie Mae/Freddie Mac, Wachovia and others. Traditional questions people ask about rates and fees are only the tip of the loan iceberg.  Advice and Counsel were not forthcoming.  Much of this could have been avoided. 

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 each year through wise counsel concerning the structure of the "correct" loan product and implementation of some good habits and mortgage management. 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.  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 loan programs from which to choose?  You should be.  There are thousands!  That is why you need a Certified Mortgage Planning Specialist.  While calcualtors and numbers are helpful, it is expert analysis that causes those numbers to come to life as they apply to your specific financial and retirement needs.

Are you past the normal conventional loan stage and you home is paid off or you only have a small loan, but need cash flow?  Then you may need to consider the Reverse Mortgage.  If you do not want a Reverse Mortgage, There is Equity Key, a product that advances "future equity". 

Glenn Ormseth

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