Read This Before Hiring a Mortgage Consultant


Let’s be honest: it’s tough going it alone. Especially when you’re a home buyer. Wouldn’t it be nice to have someone on your side? Someone to guide you in the right direction when it comes to buying the right house for you — and at the right price, with the right financing and terms?

While you can do almost everything a mortgage consultant can on your own, do you really want to? Or would the stress you’re feeling around the home buying process drop significantly if you had a guide with the right connections? Only you can know that answer.

A mortgage consultant can be considered a loan concierge, taking care of the biggest pieces for you, on demand. They’re working 24/7 to find the right mortgage for you, based on your individual circumstances and financial reality. They’ll also take over dealing with lenders, valuers, and estate agents.

It may seem daunting to hire yet another professional to help you buy your new home. After all, you’ve probably already hired a real estate agent, a home inspector, and a lawyer (at least). But with a trusted mortgage consultant on your side, you just might have the confidence to handle your upcoming investment with ease. 

Your Time is Priceless

The biggest perk of enlisting a mortgage consultant is saving time. Researching and applying for multiple loans, plus managing the loan underwriting, plus keeping the entire transaction on track eats up hours upon hours upon hours. 

Not only will a mortgage consultant be able to translate the complicated jargon into a comprehensible conversation (saving you deciphering time), he or she will stay on top of the applications and communications while you’re out envisioning your new dream home. 

Keep on Saving

Who doesn’t want to pay less? A home mortgage consultant finds the lowest rates for which you’re eligible and can negotiate more appealing terms. Mortgage consultant relationships with local, regional and national lenders may even result in loan fees getting waived. 

And what may seem like a tiny difference in mortgage interest rates can add up to thousands of dollars in savings over your loan’s entire 30-year span. Some consultant brokers earn money on commissions and, instead of charging you an additional fee, will provide their consulting services free of charge. 

Pick a Partner

Mortgage consultants who get paid directly from the lending provider may be more invested in your success and in finding a mortgage solution that works the best for you. As individuals, they tend to be more flexible schedule-wise, so the entire mortgage loan experience may feel more collaborative and partner-like. Since they aren’t tied to one particular lender, you’ll get more objective direction on which solutions are best for your unique situation and needs.

Know the Code

Mortgage consultants are certified and stay up to date with the latest mortgage products and changes in the law. They must be able to tailor their words effectively whether speaking to a bank or a client. They’ll make sure you fully understand the terms and conditions and piles of paperwork before you’re required to sign on the dotted line.

Open Up Your Options

A mortgage consultant has access to more of the marketplace, and can, therefore, select and provide you with a variety of loan options from which to choose. A bank will only be able to offer you its own proprietary products; however, consultants tend to partner with multiple wholesale mortgage lenders. 

This means they can offer you the best mortgage loan products for your needs instead of hawking specific loans from a single company. It’s true that the selection of loans mortgage consultants access is more limited than it was in the past, but consultants are also problem-solvers when it comes to leveraging their relationships.

When your deposit is less than 10% or if you’re a first-time home buyer, a mortgage consultant’s relationships with bankers can greatly increase the likelihood of your application’s approval.

Make the Right Choice

Even with the benefits of saving some hassle (and even some money), not all mortgage consultants you’ll find are equal. You’ll want to interview at least three residential mortgage professionals to gauge their work experience, their specific service offerings, and their suggestions for simplifying the home mortgage process. 

Contact the professional licensing organization in your state to verify a current mortgage broker license in good standing, and run a reputation check through the Better Business Bureau for any mortgage consultant you’re considering. Check references. Read reviews. Listen to your gut.

Acknowledge Your Interests

While working with a mortgage consultant is far from necessary, you might notice yourself feeling relieved with a reputable, trustworthy mortgage consultant helping you to manage the stress of the home buying process. Yes, you could look up mortgage rates on your own. Yes, having a good long-term relationship with your own full-service bank may mean you’re less intimidated to begin with.

But know yourself. Know your own best interests. And be sure to weigh your desire for independence against your desire for more ease. As long as you do your research and ask intelligent questions (some individuals believe that homeowners are better off choosing a variable rate instead of the 5-year fixed rate often suggested by consultants), there’s a decent likelihood you’ll find not just a salesperson, but a real partner on your home buying journey.