Submitted by: Joesphhj Mann

Choosing the best plan would prove to be beneficial in the long run. Since mortgage plans are long-term plans, they must be chosen with care to avoid any hassles during the tenure. A financial adviser would be able to provide an insight on the pros and cons of a Reverse Mortgage. Also, mortgage lenders provide all the available plans, and some quality negotiations would help the customer get the best Reverse Mortgage deal.

Mortgage is a way of obtaining money for various purposes on credit. Mortgage refers to an agreement based on which an individual can borrow money from an organization by keeping property as collateral. Often, a mortgage is taken for getting money to build a home or open business. The catch here is that if the loan is not repaid in time, the individual loses his ownership of the collateral.

The simplest method of achieving a desirable mortgage rate is to work with a mortgage broker. You will have to pay up front fees to the mortgage broker, usually at the time when all of the closing costs are paid on the home purchase, but you will save money and time in the long run. The mortgage broker plays the role of assessing your personal financial situation and working with lending institutions to negotiate the best possible mortgage rate for your situation. The mortgage broker has experience with all of the factors and terms used in the mortgage loan negotiation and can use this expertise to your benefit.

As you can see there is more to deliberate regarding IOM’s as the inconsistent factors can be much greater than with Repayment Mortgages, when we get down to the bottom line, the choice comes down to if you would rather be more prudent with a Repayment Mortgage, or be ready to speculate and go for the Interest Only Mortgage. You would not be fixed into the mortgage deal as it is when you sign up; both are accommodating in their own ways, the IOM just has added stretch. If you are put off by the risk of an IOM, it is possible to switch over to a Repayment Mortgage after a certain period of time. IOM’s are more appealing as they are of more of help getting first time buyers onto the property ladder, if this is your objective, then it is seriously worth considering, if it’s a long term consideration, then make sure you have an investment plan in place to pay the capital or it could be a expensive mistake to regret.

Tied mortgage advisers come in two forms ‘only offering mortgages from one lender or its own mortgages’ or multi-tied ‘only offer mortgages from a limited number of lenders’. This clearly limits the number of mortgage products available to match a consumers personal circumstances and in a lot of cases they may not be able to offer the most suitable mortgage product and therefore advice may result in the best mortgage they can offer, being woefully inadequate.

There are many mortgage industry secrets that the average person might not know about. In discussing some of them, we will go over several keys secrets that can be very helpful in understanding how mortgage companies, lenders, and servicer’s operate. Mortgage companies, just like any other company are in business to make money, and they do a great job at it. There are many things that mortgage companies would rather you not know about the industry. We will cover some of them here.

What you will notice is that in the first few years on your payments, a tiny amount of your payments are going to the principal balance, most of the payment is going towards interest. That just how mortgage loans are set up due to the length of time it takes to pay off a mortgage. Now look at this, lets say you have some extra money and want to start cutting out some of the years on your mortgage payback. Lets say you have had your mortgage around 2 years now, and you have just made your 23rd house payment. So on your next payment(the 24th payment based on your amortization schedule)all you have to do is send in your regular payment, and in different envelope mail in the next principal payment amount for the next payment, or for the next 10 payments.

I’m obviously not at all concerned about the second idea, every commission based sales consultant for the past 200 years has been working on that one. But that first concept should have jumped out at you. That concept is something that Seth Godin might describe as an Ideavirus; a truly powerful, revolutionary, idea that can change how we think. If it didn’t jump out at you, imagine if someone in the auto industry figured out a way to teach car salespeople the best ways to convince us that we needed to buy more cars for ourselves? I think car salespeople would be pretty excited about the idea. On a side note, if someone in the auto industry recently figured that one out, all I can say is, sorry. That global warming thing really killed your business idea. After all, timing is everything. But let’s assume for a moment that someone did figure out a way to do that; in a pre-global warming hysteria era. Car salespeople across the world would pay that consultant for their books, pay to attend their seminars, and pay the person even more for their subscription services. And that’s exactly what Mr. Marshall has accomplished. He’s created a mini army of disciples. And he has bestowed the title of “Mortgage Planner” on them. And to some, he has bestowed the title of Certified Mortgage Planner .

If you spend money to acquire his educational information, you get to call yourself a Mortgage Planner. I suppose we can all start calling ourselves Mortgage Planners without any education at all? But if you are willing to spend about $ 500 more at one of his seminars, Mr. Marshall can designate you with a specific title: Certified Mortgage Planner . The term seems to be registered and trademarked by someone. I don’t know if Steven Marshall trademarked it or someone else. The term “Mortgage Planner” has been thrown around in one way or another by many organizations for the past 15 years. People can certainly get other Mortgage Planner certifications from other organizations. So Mr. Marshall is certainly not unique in using the term “mortgage planning.” But he is handing out his own certifications.

They should re-invest some of the large profits they’ve made off their students, to help legitimize their students, regulate them, and weed out the bad ones. Instead of having a one day certification conference managed by high paid consultants, which costs students a lot of money, why not have an actual educator teach them, test them, and actually certify them? Why not put quality control procedures in place? Why not require CMPs to provide disclosures to their customers that explain what they actually do for a living? Why doesn’t Mr. Marshall send out mystery shoppers to test the capabilities of his mortgage planners and then take action on what he learns? Why not provide a website or forum for borrowers to provide feedback and grievances about individual Mortgage Planners? Why not provide an encrypted seal of approval for Mortgage Planners to use on their email signatures and websites, which he has the ability to take away if they don’t meet expectations? Perhaps he is engaging in these activities? But he is certainly not telling anyone about them, that’s for sure.

Over the past couple of years, I have spoken to Certified Mortgage Planners who are absolutely amazing. They’re doing great things for their bottom line and are assisting their clients at the same time. I have also spoken to other CMPs that I wouldn’t trust to coordinate my morning bathing ritual, much less my mortgage planning. A few months ago, I ran across a Blog written by a man who purchased three separate properties in the past four years. He is upside down on all of them and facing bankruptcy. He specifically wrote that he was operating under the advice of a “Mortgage Planner” and didn’t really know what he was doing. Is this Mr. Marshall’s fault? Absolutely not. Was this even one of his students? Who knows? And it shouldn’t matter.

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