Mortgage Consultant

What is a mortgage consultant? Is it the same as a loan officer, a financial planner, a mortgage adviser, or a mortgage broker?

A mortgage consultant is a mortgage professional that is licensed, highly trained and educated in the field of home mortgage loans. Some mortgage consultants are called mortgage brokers, loan officers, home loan advisers, and some are even financial planners, amongst many other names. A mortgage consultant usually provides mortgage education, mortgage origination, and fits a consumer with the proper mortgage to fit their needs.

Not all states have the same licensing requirements, and some states don't require any education at all to become a mortgage consultant. While it is possible to receive very good advice from a mortgage professional you should never confuse the information they give you, with the type of advice a licensed financial planner or accountant would give you.

Not all loan officers are consultants. Many loan officers are simply there to help you get any loan which you qualify for. Mortgage consultants provide options and explain them to you, and give advice for what they feel is the best loan for you. If you don't qualify at first, many will help you get into a position where you can qualify.

There is not a strict definition of a mortgage consultant. However, a mortgage consultant should build a relationship with you. He should be concerned with your financial and housing goals in the short, intermediate and long term loan.
A mortgage consultant will ask many questions. One example, if you have teenage children, "Do you anticipate needing to do a cash-out refinance in the next 3 to 5 years to pay for your child's college?"

A mortgage consultant will generally be paid a commission on the loans they close.

A good mortgage broker will, in part, work as a consultant as well. If your broker seems too busy to answer each and all of your questions, as well as offer you advice and a few scenarios to work with, then you may be with the wrong company. Find a broker and/or consultant that takes and interest in your better interest and displays the patience and knowledge to find you the best deal.

A good mortgage advisor integrates the loan program the client selects and integrate it into their long and short term financial investment plan. A mortgage is no longger seen as a mortgage, but as a financial insrument. A financial instrument that can lead into wealth creation for you and your family.

» DISCLAIMER: The information contained in this article on 'Mortgage Consultant' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.