Archive for category General Business
Mortgage Professionals want to be Regulated; Banks don’t want this
Posted by Top Home Loans in General Business, Mortgage Advice on August 27, 2010
If you have been an avid reader of this resource, then you will know the value in having a seasoned Mortgage Professional working for you; however, many people do not know the difference. The banks would prefer to keep it this way.
Why does the banks want unskilled workers?
The bank has many reasons for not wanting to have skilled employees. The main reason is because of salaries. The bank would prefer to have 100s of unskilled employees that they can easily replace, and they want to be able to pay these employees a fraction that they would pay to a regulated professional. Banks want to teach their employees the bare minimum to get by, then have them sell as many mortgages as possible.
In this process, many borrowers will lose. They will lose by not being educated, not understanding the risks, and buying properties that are too expensive. The default rate of borrowers will be much higher than a mortgage professionals book of business. This is because the mortgage professionals clients are less likely to over spend, live beyond their means, and manage money improperly.
The mortgage industry doesn’t pay for customer service; however, with a commission income, it depends on bulk transactions which also puts the end client at a loss.
Can the Client fight back?
If you are tired of getting low quality service from the person you work with on your mortgage, then you need to get help from a mortgage professional. A Mortgage Professional acts similar to a doctor, you can get signed up with one anytime. You don’t need to have a mortgage issue to enlist a mortgage professional. The more people that turn to mortgage professionals, the greater the demand for their services.
Also, the government needs to hear your voice that you want to have a professional working on your mortgage, and not an unskilled employee. The training minimum for a mortgage professional should be a minimum of 5 years.
The biggest transaction of your life should not be taken lightly. Make sure that you have an experienced mortgage professional to help you with your transaction.
Did you use a mortgage professional? Why didn’t you use a mortgage professional with your mortgage? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
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Battle against the Banks; How you can Fight the Bank and Globalization with your Mortgage
Posted by Top Home Loans in Economy, General Business, Mortgage Advice on August 13, 2010
Manufacturing jobs have, for the most part, disappeared from North American soil. However, service roles have taken up most of those lost jobs that have gone overseas. The problem is that domestic employment grows more expensive year over year. This causes big business to ship service jobs overseas to third world countries. The companies begin dirt cheap call centers in foreign countries. The effect is lost jobs in North America and higher unemployment. How can you fight back against corporations using your mortgage?
The simple fact is that banks will pay more money to mortgage brokers than they would pay internally. The banks may even try to ship business, processing, underwriting, and administration to other countries. The effect on the security of your personal information is questionable. The fact is that banks care about their bottom line over everything else.
That means that, given the opportunity, they would be more willing to send work overseas if they can earn higher revenue. They will do whatever is necessary and within regulations to make their money.
With less jobs in North America, makes more competition for the jobs that are available.
What can I do to protect jobs and the North American economy?
By using a mortgage broker! A mortgage broker operates locally, and the money they make will be fed back into your local economy. It also provides people in your community with jobs whereas if they didn’t have the job, then they may want your job. Mortgage Brokers will also provide you with a relationship. The relationship will allow you to leverage that relationship in the future, so if you need knowledge, advice, a mortgage, or financial help, then they will be able to assist you.
Also, brokers are known to work for the borrowers instead of the bank, so it is more likely that they will be able to get you a better deal than if you were to go directly to the bank. Mostly, they will shop many lenders to find you the best deal. Do yourself and your community a favor and use a Mortgage Broker.
Did you use a mortgage broker? How was your experience with the mortgage broker? Leave your response in the comments below.
Save your Mortgage from the Bank. Simply Mortgages can Help!
A Strong Mortgage Professional Saves you Money
Posted by Top Home Loans in General Business, Mortgage Advice on July 29, 2010
People search banks, websites, and brokers to track down the company with the lowest interest rate on their mortgages. Why do they go through this process? The end goal is to get the lowest interest rate, so that they can save the most money on their mortgage. However, is it worth it to sacrifice quality service for the lowest possible mortgage interest rate?
The truth is that good service will pay for itself multiple times over. For example, a strong mortgage professional will save you money by getting you a low rate.
Let’s say that rates are high, and your mortgage broker gets you a good rate at that time; however, months later, rates decline steeply. A strong mortgage professional will be able to get your rate lower and pro actively review the numbers and present a solution to you. A bank operates reactively, so they will not provide you with a financial alternative unless you ask for it. This ends up costing you money.
A mortgage professional will also coach you and your mortgage to pay down you mortgage as quickly as possible.
A mortgage professional will advise you to purchase smaller with more affordable payments. This will allow you to pay off your mortgage faster with less interest charges. This will also allow you to make more lump sum payments and more payment increases with your mortgage. A bank would rather max your borrowing out, and cause you to continue to borrow for life. This drives the market up, and it also drives you deeper into debt.
A mortgage professional will also give you custom advice and a custom mortgage product that meets your financial needs. A bank can only offer you products that appear on their list of available products; whereas, a mortgage broker can match the product and the mortgage rate that meets your financial needs. This allows for you to receive a mortgage that is more suited to what your goals and needs are.
A mortgage broker may not always have the absolute lowest interest rate available to save you more money upfront; however, if you develop a relationship with a mortgage professional, then you will save a lot more money over the course of your mortgage amortization.
Do you use a mortgage broker? Why did you decide to use a mortgage broker for your mortgage? Leave your response in the comments below.