In slower markets, some loan officers may feel pressured to close deals that aren’t in the homeowner’s best interest. In order to avoid getting into difficult and financially compromised positions with their mortgages, borrowers are well advised to be acutely aware of the signs of a responsible home loan consultant when selecting professional Real Estate financing advice. First, look for a Real Estate Asset Manager whose values are focused on helping individuals to achieve their financial goals in both the fastest and the safest way possible. A reputable Real Estate Asset Manager will show you the numbers associated with the proposed loan and provide you with concrete information that backs up his or her claims. Review all of the numbers. If they don’t add up, ask for clarification. If your loan officer can’t or won’t answer your questions, move on–without the loan.

Secondly, a responsible Real Estate Asset Manager will present you with financial information that goes beyond the point of the transaction, and will illustrate the total cost of the loan over time. If your loan officer is focusing only on rates and fees, you may be working with someone who’s looking out for his or her own best interests, not yours. Don’t shop price, shop Advice!

I see a Home Loan as a Financial Planning Instrument that must be integrated into your Personal Estate Plan. Choosing the proper “Financing Program” and “Equity Management Strategy” are the Key Elements in managing your Estate Plan.

Responsible Real Estate Asset Managers will also tailor their strategies to fit your unique situation. In other words, they always take your personal financial goals into account. No one should try to place you into a loan without knowing the intricacies of your personal financial situation. Finally, if your loan officer is not able to give an opinion to you on issues other than mortgages, you could be working with someone who is compromising your best interests. Issues like Wills and Trusts, taxation, investment rates of return and real estate appreciation are not areas of expertise for the vast majority of loan officers and they do not have the training and direct experience in those areas.

Today, when seeking a Real Estate Asset Manager, look for someone who specializes in mortgage planning, which is the process of evaluating a borrower’s unique financial situation and advising the borrower on a loan that best suits his or her individual needs and goals. If your loan officer is trying to put you into a loan without evaluating how that loan will effect your entire financial situation — including debt management, tax benefits, investment goals and net worth — it’s quite possible that you’re only getting half of the picture.

The bottom line is that your Real Estate Asset Manager should always be looking out for your best interests, regardless of market conditions.

Article provided to the La Quinta Chamber of Commerce – GEM Publication January 2008 page 7.

http://www.lqchamber.com/pdf/gem-jan08.pdf