There is a great responsibility in lending; recently, there appears to be a movement in the marketplace to commoditize lending by making products available on-line.
The emphasis is on closing the loan quickly and making the process automated; this approach implies that counseling to find the right mortgage is not necessary, and leaves the choice of finding the right mortgage to the customer.
This approach, however, may not work for the following sample of customers who may need advice to find the right mortgage:
1. First time homebuyers
2. Seniors who may benefit from a reverse mortgage
3. Step up buyers who are looking to purchase a bigger home contingent on the sale of their current home
4. Customers analyzing adjustable rate mortgages versus short term fixed rate mortgages
5. Veterans considering VA loans
6. Customers who live in rural areas and never heard of a USDA loan, which may be the right loan for them
7. Customers weighing down payment options
8. Considerations of whether to apply for a conforming or jumbo loan
9. Whether a refinance or home equity line of credit is preferred to take cash out for home improvements
This is merely a snapshot of the customers who would likely need advice on how to choose and manage their biggest debt. The judgment that goes into these decisions cannot be automated. Choosing which mortgage is right for you is as important as the house you choose to live in.
Many of the bigger companies that are at the forefront of the automation in this industry may not offer the variety of products for you to consider, instead just relying on standard mortgage products in the interests of their profitability. They are not the leaders of a new way of doing mortgages, rather they are limiting choice.
We are a mortgage broker and offer choices to our customers to consider many different lending options. Contact us and we can help you!
We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
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