Arizona Mortgage Loan Consultants

There are three kinds of Arizona mortgage consultants:

Bank Loan Officers- They offer loans and have many other duties besides mortgage loans. Usually they are salaried employees with the possibility of a small annual bonus.
Traditionally, it is the local bank branch representative who acts as the mortgage consultant. He or she offers mortgage products only trough the bank they work for and usually are limited in the products they offer.

Retail Account Executives- He or she only handles Arizona mortgage loans with compensation from the company that he originates the loans for. AE‘s are usually paid based on volume and a tier system. A retail company has the ability to provide an aggressive loan product, however usually with a much higher interest rate and fee structure.

.. Mortgage Brokers- The broker offers the loan products of many lenders. He specializes in mortgages and is paid a commission. This commission is paid by the lender that the loan is placed with. Mortgage brokers have been dealing with mortgages for more than thirty years but have only become an import part of the mortgage market recently. A mortgage broker works with many lenders, usually 30 or more and can pick the best program for each client.

Overall, customer service and product knowledge are key qualities that will make a consumer feel comfortable, regardless of the consultant type. Naturally, rate and fees always are important, but it’s the other elements that might be a deciding factor as to who you ultimately decide to work with.