What's a mortgage planner for?
Who walked you through your last home loan experience? Was it an internet lender from out of state? Was it loan officer no longer in the business? Did the terms and conditions of rates and fees change at the closing the table? Can't quite remember? Make this experience better. Buying your home is the greatest investment you'll ever make. You will need someone you can trust - and someone you'll remember - to guide you through the process to find your ultimate home loan solution.
A mortgage planner will build high trust and create clients for life. His or her role is to help you integrate the mortgage you select into your overall long and short financial and investment goals, to help you minimize your taxes, and to minimize your interest expense and maximize your cash flow. A mortgage planner also will proactively manage your mortgage over the life of your loan to make sure that you are always in the lowest cost mortgage. He or she will offer limited and no closing cost refinances to customers. It's important to find out what's important to you about a home loan, so that they can help you select the lowest total cost home loan.
More than half the loan officers turnover every five years and leave the business.
Massachusetts is pushing to get all loan officers licensed and or certified. It would help to add credibility to the industry. There are less than 2,000 Certified Mortgage Planning Specialists in the nation out of 400,000 loan officers. To learn more, visit www.cmpsinstitute.org
A Certified Mortgage Planning Specialist, will share greater resources with clients. Together, they develop the optimum wealth strategies for you. In most cases, they align themselves with financial planners, Realtors, accountants, real estate and estate planning attorneys, and insurance agents to assist in the overall wealth creation plan.
Your mortgage specialist is entrusted with your most sensitive and private information. Keys to your financial picture, such as credit information, assets, liabilities, stock options, and retirement plans are the vital keys a mortgage planner. Identity theft and loan fraud are taking place at alarming rates. Identity theft is one of the fastest growing crimes in America. Would you give such sensitive information to just any mortgage originator? The consequences of entering into a loan agreement with undesirable loan terms could yield potentially devastating effects on your equity, credit and financial security.
Many homeowners have become frustrated and confused with the myriad of choices in today's mortgage market and many mortgage originators lack both the ethics and financial knowledge to service their clients. The high foreclosure rate is in large part attributable to some so-called mortgage originators placing borrowers in loans that are ill suited for the borrower's financial situation. In many cases, there are homeowners that will have their adjustable rate mortgages changing and will stay in the undesirable higher rate mortgage due to lack of equity to refinance. In part, this may be to lack of education on selecting the proper loan from the loan officer. There will be approximately $3 trillion worth of Adjustable Rate Mortgages (ARMS) due to adjust from their introductory fixed rate to their more volatile adjustable rates in just 18 months.
The goal is to create clients for life. To accomplish that goal, it's important to explore options and seek answers to your questions and concerns. By taking a careful and close look at your financial needs and goals, they can effectively assist you in managing your equity and increase and sustain your wealth for life. A quarterly or annual mortgage planning review is necessary to revisit your financial picture periodically to determine whether you are maximizing your wealth potential. Circumstances change and events may alter your needs and goals.
About the author:
Born and raised in Worcester, Bill Murphy has been in the mortgage business for more nine years. A Certified Mortgage Planning Specialist.
Committed to maintaining the integrity of his profession, Bill helped devise the ethical guidelines for affiliates of the Worcester Board of Realtors. He was recently named chair of the affiliate members of the Worcester Regional Association of Realtors. Bill is also a member of the Loan Officers Task Force for the Massachusetts Mortgages Bankers Association, which is reviewing the educational initiatives to prepare brokers for future state licensing process.
Murphy was recently honored as one of Worcester Business Journal's "40 under 40" for his commitment to the community where her lives and works.
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