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Wisconsin State Journal, Sunday
June 26, 2005 |
| Obtaining a loan through a
mortgage broker is the preferred method by the vast majority of Americans
and a proven way to obtain a better interest rate. Currently, 70% of
mortgages nationwide are obtained through a broker. In addition, a recent
study by Georgetown University cites that the average loan obtained through
a mortgage broker has a lower Annual Percentage Rate(APR) than a loan
secured through a standard financial institution. As the current President
of the Wisconsin Association of Mortgage Brokers and owner of my own
brokerage in Madison, Red Letter Mortgage, I am often asked why consumers
should use a Mortgage Broker instead of a bank or credit union? After citing
the data on APR and the percentage of loans done by each source, I offer my
personal opinion in that a mortgage broker with experience and a quality
reputation usually gives the customer better customer service, more loan
options, and better professional advice. Mortgage brokers work with numerous
lenders and have the advantage of offering many loan programs with many
options in rates. In addition, many brokers have positioned themselves as
loan consultants and are providing financial advice on mortgages that best
fit a customer's short and long term financial goals. A home mortgage is
usually the largest debt people have in their lives. A home can also provide
many facets as a financial instrument including cash flow ramifications, tax
advantages, and investment return rates. Thus, it is important for people to
deal with someone they can trust professionally and rely on for the long
term advice, not just one transaction. Because mortgage brokers have adapted
to market demands faster than standard financial institutions, people have
come to look to brokers as not only the professionals in the industry, but
as the industry who can get them the best deal. This is the main reason 70%
of loans today are done by Mortgage Brokers. To maximize the benefits of obtaining the proper home loan and professional advice, it is important to consult with a Mortgage Broker as soon as possible. It is never too early to begin the consultation process. By setting up an appointment early consumers can benefit by establishing a relationship with a professional they connect with, getting information on loan options and making sure the selected options fits well into their financial goals and cash flow objectives. At that point finding the right home becomes a more focused experience and much less stressful on all parties involved. Buying a home is usually the largest transaction of consumer's lives and not something done often over the course of a lifetime. Proper planning with a reputable professional will save thousands of dollars and provide peace of mind. Dirk Todd President, Red Letter Mortgage - Madison, WI President, Wisconsin Association of Mortgage Brokers Wisconsin State Journal, Sunday June 26, 2005 |
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Red Letter Mortgage ~ 402 S. Gammon Place ~ Suite 200 ~ Madison, WI 53719 Phone: 608.664.2003 Email: info@redlettermortgage.com 2002-2005 Red Letter Mortgage. All rights reserved. |