Where Can I Find a Mortgage Consultant?

Finding a Mortgage Consultant

group discussion at informal meeting

Stepping into the world of real estate and mortgages can be confusing -- and frustrating -- at times. There’s new terminology to learn, including some that can be used widely between a lot of different positions. Take, for example, the “mortgage consultant.” Although it is a true certification for licensed loan officers, it can be granted to a number of other job titles within the mortgage industry.

In fact, you can get a mortgage consultant certificate if you’re in the real estate industry, work at a title company, or act as an accountant or attorney. But, for our purposes, your best bets will be to look for either a mortgage broker or banker that is a Certified Mortgage Consultant.

What a Mortgage Consultant Does

A mortgage consultant is charged with advising and protecting a borrower’s interests when choosing the appropriate loan products for their situation. That might not be a loan that’s particularly profitable for the consultant, but that’s ok. Many mortgage consultants are salaried employees of banks and mortgage brokerages, and it all comes out in the wash eventually.

They’ll act as educator, advise you on how best to achieve your goals if you’re not quite ready to get a loan, and then follow-up to make sure you’re on track over the long haul. Of course, your lender doesn’t have to hold a CMC title in order to do these things. Often mortgage professionals are really just interested in doing the very best they can by their clients.

Where Do I Find a Mortgage Consultant?

Just like finding a mortgage broker or mortgage banker, finding a mortgage consultant can start online or in the fleshy real world. Check out your favorite bank first to see if they have a Certified Mortgage Consultant on staff. Many banks provide access to these professional consultations for free if you’re interested in a mortgage loan. If you want to look at mortgage brokers who have on-staff consultants, your Realtor may be your best resource. There are lots of small brokerages, so digging through their websites to see what job titles are in their offices can be real drudgery.

However, you come across them, make sure that you’re truly comfortable and happy with the consultant you choose before committing. You don’t have to take the first one that comes along. In fact, it’s better to interview three or four before you settle. Ask questions related to the mortgage process like:

  • How long will it take to close my loan?

  • What documentation do you require?

  • Can you tell me what the general interest rates are right now?

  • Who provides the money for your loans?

  • What does it cost for me to use your services? Can I include that fee in my closing costs?

General chit-chat is also good, since you’ll be working closely with the mortgage consultant of your choice until your home loan is closed. Finding common ground can make it easier to take the stress that comes with buying a home, especially if you’re a first-time homebuyer.

Mortgage broker, mortgage banker, mortgage consultant -- whatever combination you choose, knowing that they’re knowledgeable, have taken the time to get an additional certification through concentrated effort and truly have your interests at heart can make borrowing a mortgage loan a lot less frightening.

If you would like to learn more about mortgage consultants and their role in the home purchase process, fill out the form below and a home loan specialist will reach out to you.