When shopping for a mortgage, there is far more to consider than interest rate. Like the price of a stock, mortgage rates can change from minute to minute. A rate quote provided at 10:00a.m. can be null and void by 10:15 a.m. This can make one lender appear to offer higher rates when in fact the difference is only a change in the market.

What to look for in a Lender?

Three of the most important qualities to look for in a lender are experience, advice and life-long relationships.

Experience - This is easy to measure by asking the following questions: How long have you been in the business? And, “How many mortgage loans have you closed?” The higher the volume lenders tend to have the best systems and processes that ensure accurate and efficient transactions.

Advice - An advisor by definition is a leader. If a loan officer is quoting a rate and simply following your direction, you are working with an order taker, not an advisor. If the lender does not offer any additional insight or value, that is an indication of a lack of expertise and knowledge.

Life-Long Relationships - An advisor’s role stretched well beyond the close of a transaction. A true Mortgage Advisor will have an intentional system to systematically ensure you are ALWAYS in the best mortgage loan based on the market and your personal situation. The cheapest rate on the wrong strategy can cost you thousands in the long urn. Changing markets and Annual Mortgage Reviews can provide opportunities to reduce the amount of interest you pay over time, which allows you to increase your focus on wealth creation and building investment assets.

The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. Knowing how to shop for a lender can make the difference between working with an amateur who serves as an order taker vs. a professional lender that provides meaningful advice. A Professional Mortgage Advisor will save you thousands of dollars, and provide you with a peace of mind knowing that your home loan is always properly structured. To experience the power of advice and care, email me at scott@scottphippen.com or call my office at 801-501-7950 to arrange for a fifteen minute mortgage review. In addition, you may also choose to fill out the simple form below and we will be in touch with you as soon as possible.

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