5 Qualities Your Mortgage Professional Should Have
By Sharon Lowry
Your mortgage professional should meet the following qualities in order to provide you with the best mortgage financing advice & experience. Your mortgage professional’s job is to provide you with the best financing experience possible. This includes finding the right loan for your financial objectives while keeping the interest rate and closing cost combination low. It also means providing you the right advice to make decisions as the loan moves from origination to processing, underwriting, loan commitment, and finally closing.
- Your mortgage professional must be licensed through the National Mortgage Licensing System (NMLS). To be licensed means the mortgage professional has passed both federal and state exams. These exams are designed to measure knowledge of mortgage law and loan products. Also licensed professionals must take continuing education each year to keep current with changing laws, changing loan programs, and to maintain their license.
- Your mortgage professional must have a large inventory of mortgage programs for his clients. A large inventory allows the mortgage professional the ability to shop many lenders for the best program rate and costs.
- Your mortgage professional must be available to work with his clients when his clients are available. A good choice is a broker open for business during the week, in the evenings, and on the weekends. Also the broker should return your call within 2 hours.
- Your mortgage professional must honor his initial quoted fees for your decided loan program and loan amount. UpFront Mortgage Brokers honor their initial fees and typically offer low rates and low closing costs. Also UpFront Mortgage Broker® fees are disclosed initially and do not increase at closing.
- Your mortgage professional must be fun to work with during the loan process! Your professional must be someone you trust and someone with whom you can discuss your personal finances. Your mortgage professional must strive to make you feel safe, secure, and to assure you that he has your best interests in mind.