Follow Patrick Linkedin Facebook
Email Patrick Email
Financial
Feb 23, 2015

Finding The Right Mortgage Broker Is Key To Understanding Your Options

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

In my last article I described how getting a conventional loan instead of keeping an FHA loan with mortgage insurance could be advantageous. To explain my reasoning, I presented a conversation I had with one of my clients, Thomas. Thomas is a creative type who mentioned that he “gets lost in the minute details associated with finance and such,” yet understands that his decisions can make a significant impact on his future.

Thomas seemed upset when I noted that some loan officers get higher commissions for selling FHA loans compared to other products that might be better for a borrower. I remember him saying that, “No wonder I got an FHA loan instead of a loan where the interest is a write-off and there’s no mortgage insurance.”

“I don’t want to make anybody out to be the bad guy,” I said, “and FHA loans have their place, especially for lower-income borrowers, since the goal is to provide a path to homeownership, but that could be why you ended up with an FHA loan.”

“We were definitely in a different financial situation when we bought our house,” said Thomas, backtracking, “but when we refinanced things weren’t that different than they are now. And you said mortgage brokers make the same money regardless, right? Geez, I wish I had met you two years ago.”

I smiled. “The important thing to realize is that there are loan officers out there who work directly for lenders. Their goal is to further their employer’s best interests. Mortgage brokers like me work with multiple lenders and shop around. Conversationally speaking, we act as the middle man between the lender and our clients. The effect of this is that our clients are our employers, so it’s always in our best interest to find the best possible deal for our clients.”

I continued:  “Not only that, but there are a lot of pre-licensing courses that brokers have to take, from federal laws and ethics to nontraditional methods of financing. Then there are 12 more hours of electives we have to take. And that’s not even counting all the continuing ed –”

“Can’t believe all the money I threw away on mortgage insurance,” said Thomas, interrupting. “Seems like my wife and I need to refinance our house … then again we are thinking about moving at the end of the year, so I’m guessing we shouldn’t be applying for new lines of credit?”

“Probably, but maybe not. I would have to look at some things before I gave you a definitive answer. The easiest thing would be for you to get some information together and come back with your wife. Then we can go over all of the particulars and find a strategy to help you achieve your goals.”

“That sounds awesome! Thanks Patrick.”

“Hey, no problem, Thomas. It’s what I do. My job is to be a consultant and provide you with the information and guidance you need to make an educated decision.”

Patrick Stoy has 15 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or 910-509-7105.

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet headshot 300x300 10211545555

Lessons Learned from a False Alarm

Chris Coudriet - New Hanover County Government
Jim ellis headshot 10311631058

User-Centered Design Playbook: A Case Study

Jim Ellis - Signal
Infinity 891835159

Get to Know Infinity Payment Systems

Kyle Thorpe - Infinity Payment Systems

Trending News

Open For Business: New Announcements (Sept. 19)

Johanna Cano - Sep 19, 2018

Open For Business: New Announcements (Sept. 18)

Staff Reports - Sep 18, 2018

In Storm's Aftermath, Gas, Supplies Filter In

Cece Nunn - Sep 18, 2018

Tips On What To Do Now For Storm Damage

Vicky Janowski - Sep 19, 2018

Downtown Recovery Ongoing, Flooding Still An Issue

Cece Nunn and Christina Haley O'Neal - Sep 19, 2018

In The Current Issue

WordPress Conference Cancels Due To Hurricane   

WordCamp Wilmington was among the events canceled because of Hurricane Florence....


State Releases Visitor Spending Data

Visitor spending increased in Pender County for 2017, with a growth rate that outpaced Brunswick and New Hanover counties, and even the stat...


Investing In Affordable Housing

A recent high-dollar deal in Wilmington represents not only a little more affordable housing in the city but also a good investment for the...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes