Mortgage Planner Advice

Mortgage Planners specialize in helping you with the complicated mortgage process. They will do this through many channels including writing letters, phone calls, and even meetings. These professionals understand the complexities of the process and are there to help you. They will be able to look at your financial information and from that point, give you their opinion as to where you would fit into the mortgage game. Their goal is to make sure you are getting the best bang for your buck.  

You have probably seen a mortgage planner or two over the years as you were researching mortgages. The job of a mortgage planner is to take the legwork out of shopping for mortgages by finding you the best deals based on your financial situation. They are able to do this from your perspective because they understand the pain of having to search through so many different lenders and choosing just one. As a result, they are able to offer their expertise and their recommendations from personal experience on how you can find the right mortgage. This article provides info on the best mortgage companies gainesville fl.

There are several types of mortgage planners to choose from including independent, captive and outsourced. When researching them all, I noticed a common thread. Each mortgage planner I spoke with had a particular focus. In this article, I will go through each of their main focuses to better match your own personal needs.

Independent mortgage brokers are mortgage brokers that work independently from the mortgage company. They typically only sell mortgage products from the mortgage company. In my experience, they will do an outstanding job matching your unique needs to a mortgage product. While their fees are typically lower than a captive or outsourced mortgage broker, they are not tied to any one lender and have very little control over what kind of mortgage they are able to secure for you. In my opinion, this is the most difficult type of mortgage broker to find and it's important to look for a good example of a good independent mortgage broker versus an example of an ineffective and cheap mortgage broker.

Captive mortgage brokers are mortgage brokers that work for a specific lender. They may even originate your loan and place it under the same roof as the lender. I have spoken with some captive mortgage brokers that have actually originated the loan on their behalf directly. While this may seem like a convenient way to go about purchasing a home, it often comes with a high price tag. The mortgage company is likely to charge more because they will be paying out two mortgages - your initial mortgage, plus the second mortgage you'll be receiving due to your captive broker. For many borrowers, this comes with a significant premium and can greatly increase the total amount of money that you'll spend on your new house.  For more useful info, click here.

Outsourced mortgage brokers work under an outside employment agreement. This means that the mortgage company does not own or run the outsourced mortgage planner. Instead, it subcontracts the mortgage planner to be hired by the mortgage company. My suggestion for a mortgage planner is to find one that works under a service agreement and you will likely pay a significantly lower price than what you would pay for a broker who works for a lender. For more info on this topic, see this alternative post: https://www.dictionary.com/browse/mortgage,