COMMODITIZATION OF MORTGAGES

All you have to do is push a button and get a mortgage? If so, what kind of mortgage are you getting? Is it the right mortgage for you? Does it matter?

There is a definite trend in the media to commoditize mortgages. That is, to try to influence you that you don’t need to speak to anyone, just click a few buttons and you will get a mortgage. But, what mortgage are you getting? Are you getting a 30-year fixed? If so, what is the rate and the lender’s costs? Are you willing to pay more for a loan over 30 years in exchange for the simplicity of clicking a few buttons to get a mortgage?

Not only are they encouraging you not to speak with anyone, but if you do want to speak with someone, you could be directed to a call center. If so, you are leaving the decision of how to finance the biggest purchase of your life in the hands of someone who is trained in sales and answers phones for a living. Isn’t the consideration of how to finance your home worth, at a minimum, a little bit of investigation as to what are your options and what different lenders offer?

We believe this trend is not in the best interest of the consumer. It is in the best interest of the lender who is trying to process as many loans as possible for their ease. Before you sign for a mortgage, you should know your options, such as the variety of different loan programs, and what different lenders offer in terms of rate and costs. We are a mortgage broker and specialize in counseling people on financing the biggest purchase of their lives. We embrace technology and the ease it brings to the process, but it does not replace the decision-making analysis you should consider when choosing a mortgage. We live in the wholesale world, and shop the wholesale rates and costs of many lenders to find the right product for you, including those that offer the one button mortgage. Contact us and we can help you decide if this is right for you.

 

We offer a variety of products and services, and can finance residential and commercial properties. Contact us and we can help you!

Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2019 Counsel Mortgage Group®, LLC.