If your reading this, you've probably experienced the typical loan process. The loan officer makes contact, or you contact them. They ask you how they can help you. You tell them that you want the lowest rate, the lowest fee's, and that you've contacted three other companies that will probably beat their best quote.
If it doesn't sound familiar to you, it definately sounds that way to me. Frankly I think it's because the stigma associated with most lenders. Most lenders compete in a red ocean. What I mean by that is that most mortgage loan officers have very little training. They focus on one thing, RATE, FEE's and PROGRAMS. This is pretty much the only thing that you ever get with most mortgage professionals. The problem is that you get very little advice and allot of hustle when you deal with these type of loan officers. Furthermore most lenders compete in the same manner, thus my assertion of "red ocean" competition.
The Mortgage Planner concept has been around now for several years, but since the book "Missed Fortune" was written, the mortgage industry in gradually adopted the concepts of missed fortune, and now is producing mortgage advisors, instead of mortgage rate retrievers. With the many different loan programs, it is now more important then ever to know what type of long term ramifications you'll be facing when you close a loan, and it's important to get the proper advice up front.
Most mortgage planners understand the need to develop a team of financial professionals. Usually through a relationship with a planner, you'll also meet Insurance planners, top end real estate agents, and other professionals involved in real estate and estate planning. Proper and responsible equity management will help the homeowner realize future financial freedom and success.
Many of the concepts that our parents and grandparents may have taught us in regards to money maybe outdated and perhaps detrimental to our future financial success. For example, many of our grandparents think a mortgage is an evil necessity, and should be paid off as quickly as possible. But if your grandparents were to see the incredible amount of tax relief and additinonal tax free income they could earn, then there would be a stampede of senior citizens refinancing their equity. Unfortunately the Great Depression has created a emotional wall that is tough to scale for most of our elderly citizens. But some have seen the light, and our youner generations are now learning new concepts, the "pay your house off at any cost" attitude is changing.
Mortgage planning is here to stay. Most of my future blogs will be in regards to this concept. I also associate with a number of first class insurance and real estate professionals, and I will at times go into other issues related to investing in real estate and insurance. I hope anyone reading enjoy's these blogs, and if you have comments or questions, they will be treated with respect and promptness.
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