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Home Loan Advisers: Commission Agents Or Friends?
By Gary Ambrosh
Does your home loan consultant
have your best interest at heart while giving
recommendations about the best mortgage for you?
A few reports indicate that home loan consultants
suggest loan offers to their customers for the most part
based on which lenders and programs are paying the most
commission fees to them.
In interviews, home loan consultants themselves have
said that the commission fees they earn are often the
main reason they suggest a particular lender to their
clients.
It may not be so obvious, but home loan consultants,
like salespeople, operate strictly on a commission basis.
They can get in touch with numerous lenders about your
loan request. Finally, the lender who is chosen, gives a
commission to the home loan consultant.
In an ideal world, the home loan consultant would
concentrate on what is in the best interest of the
customer, and not trouble about the dollar value of the
commissions that they will earn when the home loan
closes. But, in fact this is quite often a long way from
what really takes place.
In all industries, we observe that commission-based
sales representatives always try to campaign for the
deal that will earn them the biggest returns at the end
of the day.
Given that a good number of clients do not know that
home loan consultants operate only on a commission basis,
they frequently believe that their consultant's job is
to suggest the best options for their mortgage
loans, and to help them figure out the confusing points
of acquiring a home loan.
Does this imply that consumers must leave home loan
consultants alone? Not necessarily. Home loan
consultants may well be able to assist consumers find
excellent deals on home loans. What it does mean is that
consumers must not blindly believe their home loan
consultant's opinions.
It is always
a good idea to do your homework before speaking to a
home loan consultant or any other kind of lender. Do
some basic rate shopping by yourself, so that you have
some understanding of the types of deals that are
currently available in the marketplace. You will then be
in a position to assess the mortgage offer
advocated by your home loan consultant and make up your
mind if it is better than or worse than the prevalent
market rate.
You must educate yourself enough about mortgages
so that you have knowledge of what types of queries you
must ask your consultant. You will have to ask the right
queries to be confident that your home loan consultant
is giving you all the important information in relation
to your mortgage. Legally, a home loan consultant
need not tell you everything about a mortgage. There is
a great deal of information that he could hang on to. By
law, he has to reveal this information, but only if you
specially ask for it. It is much better to get all the
answers up front, rather than being thrown a curve ball
once you have opted for a home loan.
Article Source:
http://www.articlemap.com
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is one of the most important decisions of your life, you
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