In 1999, I decided to enter the world of mortgages.  At the time, I was a store manager for GNC( General Nutrition Store) and I wanted to spend more time with my 10 month old son.  With a calculator in hand, no formal training  and a note pad, I was told to go and generate business. 

         Now with the transformation that the mortgage industry has gone through, I’m often asked, “How are you making it?”,and  to that, I always reply “I’m making it because I consult, negotiate and over-see all details of my clients loan transactions and I’m a good  mortgage consultant !” What is a good Mortgage Consultant, you ask?

A Good Mortgage Consultant:

• Will ask you thought provoking questions because no 2 clients are alike. For example, if  you are buying your first home, and you plan to be there for 5-10 years, it might not be a good idea to buy discount points to lower the interest rate due to Cost vs Return.
• Will not quote you an interest rate before pulling your credit, getting your income and asset information and discussing the different loan programs with you. It is impossible to know the interest rate without knowing all about your individual situation.
• Will be able to tell you what all the closing costs mean (not just the dollar amount of the fees, but what the fees actually mean).
• Will be able to explain all of the disclosures to you in plain English.
• Will not charge you an application fee.
• Will only charge you for a credit report if necessary and give you  a copy of YOUR COMPLETE CREDIT REPORT which will show all trade-lines with ficos scores.
• Will not charge charge you any other fee until the closing (except for the appraisal fee, which must be paid before the appraisal can be ordered). 
• Will personally attend your closing.
• Will be licensed by the state of California, www.dre.gov and registered through the Nationwide Mortgage Licensing SystemRegistry http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
• Will have access to Fannie Mae, Freddie Mac, FHA, VA and all the down payment assistance programs in your local area.
• Will use the online underwriting systems that each of these companies and agencies have available.
• Will not ask you for a fee to help repair your credit but guide you through all possible procedures for credit repair.

A good mortgage consultant, will be there for the long run and ultimately, he or she will  become a  friend……

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