Mortgage Consultant: What’s Their Role?

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A mortgage consultant’s primary role is to guide homebuyers through the mortgage process. The consultant will assess a buyer’s total financial situation to make recommendations on the appropriate mortgage type and act as the buyer’s advocate in negotiating and finalizing mortgage terms. Mortgage consultants make the mortgage process more accessible and understandable for a variety of clients, from first-time buyers to companies looking to relocate or expand.

Buying real estate is often one of the most expensive – and most complicated – endeavors that families and businesses undertake. Most of the time, to close a sale, the buyer needs to secure a mortgage. Mortgages come in many different forms, and getting a mortgage with the best rates and terms can be confusing. A consultant’s primary role is to help a buyer select the best mortgage for their individual situation.

The first thing a mortgage consultant will do is meet with a potential client to discuss the specifics of the desired property and the finances involved. He or she will go through the different mortgage options, making recommendations on the length of the mortgage term, the type of interest rate and the most suitable base rate amount. In many ways, these calculations are somewhat subjective. They depend on how much money a buyer can bank and the contours of the local housing market, among other things.

Mortgage consultants are usually trained in financial consulting and, in some places, are required to hold specific certifications or licenses. This is mainly due to the sensitivity of the mortgage adviser’s job. Consultants interact directly with mortgage lenders on behalf of their clients and often engage in large financial transactions on behalf of their clients.

Different types of mortgages require different expertise and services. As such, much of a mortgage consultant’s actual work is dictated by the field in which he or she practices. Most of the time, a home mortgage advisor will only focus on single family homes or condominiums in a certain limited geographic area. A commercial mortgage consultant will likewise limit his practice to corporate property and mortgage-related concerns.

Sometimes the scope of a mortgage adviser’s role is also defined by who the mortgage adviser works with. If the consultant is on the staff of a real estate agent or a bank, he or she can only recommend the mortgage services of a certain fixed number of lenders. He or she may have more freedom to review a wider range of mortgage options as an Independent Mortgage Consultant. There are pros and cons to working with both types of consultants.

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