It has been a long time coming, but we finally got around to posting the site after deciding on the technology we wanted to use. There is some information uploaded already, with plenty to come. So what are we about...
The National Mortgage Advocate is an group concerned with what is happening in the mortgage industry. With so many unscrupulous loan officers and mortgage brokers, it is hard to not get taken for a ride. For that reason, The National Mortgage Advocate website was formed to assist the borrower in finding a true professional and seeking appropriate guidance.
There are many facets to finding a true mortgage professional. For starters, it depends on your location. Not all mortgage companies serve all states, in fact, there are many companies that prefer to handle only the state they are located in. If you are interested in learning the various items you need to cover before settling on one (or a few) mortgage brokers, please read on.
As was said, There are many facets involved in finding a true professional in the mortgage industry and certainly in finding the one that will best serve your needs. We started out talking about your location. While you need to make sure that the company is licensed in your state, that may not be the only qualification you are looking for regarding location.
The facts are that many mortgage companies can do business in multiple states. The problem with this is that many loan officers make mistakes regarding the laws of your particular state since they have many to cover. This could be simple disclosure issues or other minor problems, but delays and possibly failure to close may result. To avoid this issue, you can either choose a mortgage company that has loan officers handling only one state at a time, or our recommendation would be to use a company who only services that state. You may even want to take this a step further and find a mortgage broker in the same area as your property, but don't limit it too much.
Another factor to measure into your search is the level of service you want. In this matter, remember the phrase "you get what you pay for" and don't get caught up in the heavily advertised sites either. Cheapest is not necessarily best and many .com lenders bait and switch you or advertise unrealistic rates. Most of the heavily advertised companies do this, so you will likely pay more, get a different rate, and be left with less than excellent service by going with them. They are usually less educated as well and many do not even really understand the industry, what drives interest rates, or what loan is best for you. Make sure to read the post about the four questions you need to ask your loan officerto ensure you are at least dealing with a professional.
Another way of finding a mortgage company is through their professional affiliations. Are they a member of their state's mortgage broker association, such as Florida Association of Mortgage Brokers (FAMB)? Are they affiliated with the National Association of Mortgage Brokers? What about the Upfront Mortgage Brokers Association? Do their affiliations go beyond the normal mortgage industry associations? You should research who they are affiliated with and what that organization is about. This can eliminate a large number of companies from your list.
If you would like to take the level of service up a notch and actually seek professional mortgage advice and learn how a mortgage can be integrated into your financial plan, then look only at Certified Mortgage Planning Specialist (CMPS) designated professionals. This shows their dedication to learning what is best for you, strategies involved, tax advantages, and how a mortgage can be used as a financial tool. There is a test involved after the hours of training which ensures their level of knowledge. To maintain the designation, they are required to take eight hours of continuing education each year.
If you would like to learn more about how to find the mortgage professional that is best suited for your needs, browse the articles on this site and if you have any further questions, contact us and we will be happy to guide you along the best we can.
;)
;)
;)
