There are people who would like you to believe that all products and services should be as easy to choose as a pack of chewing gum. In fact, Senator Elizabeth Warren notoriously once said that obtaining a mortgage should be as simple as buying a box of cereal.
But is that truly realistic? Can everything be made so simple that trusted professionals become obsolete? Consider the following:
- Why hire an estate planning attorney when you can obtain the forms for a Last Will and Testament online? Simply fill in the blanks and save a bundle! Right? Many thought this to be true…until their heirs spent tens of thousands of dollars on legal fees settling their estates because of the problems created by their short-sighted relatives.
- Why hire a real estate attorney to buy or sell your home when technically you can represent yourself! Answer some “simple” questions while filling out a form Contract and you’ve eliminated a complication from your life. Right? Ask some home buyers who purchased properties with illegal structures or improvements, with leaking underground oil tanks; or speak with homeowners who purchased without knowing they needed a title search. An ounce of prevention is worth a pound of cure. These buyers found that the “cure” cost them tens of thousands of dollars.
- Can you buy life insurance online by answering a bunch of “simple” questions? Certainly! Did you read and do you understand how the policy works, when you’re covered, and when you’re not? Is the policy appropriate for you now and will it still be in the future? Want to know how many of these people regret not working with a professional?
Online tools take the professional out of the equation by trying to minimize the transaction into simply shopping for a commodity. However, history has proven that treating financial products and services like a commodity is downright dangerous. And a mortgage is absolutely a financial instrument.
- Work with professionals to help them choose the most appropriate mortgage, investment, or insurance policy that best meets their short term and long term financial needs?
- Choose a mortgage professional based on his abilities, valued advice, and success rate?
- Choose a mortgage professional that’s available when needed, before, during, and after the transaction?
A mortgage is often the most expensive financial transaction in a person’s life. There are countless examples where consumers, doing it on their own, have chosen poorly and haven’t realized their error for years. These loans may close (though often they don’t). But these bad decisions have resulted in tens of thousands of dollars in additional costs to the consumer over the loan’s term, sometimes resulting in the loss of their home!
With the stakes so high,
why wouldn’t consumers work with a competent, qualified,
and Certified Mortgage Planning Specialist®?
While rockets make for great marketing, they can do tremendous financial damage. Yet when choosing to work with a Certified Mortgage Planning Specialist®, we can ensure your transaction goes smoothly, your mortgage complements your financial plans, and helps you attain your financial goals.
And guess what?
The mortgage rates and fees you’ll receive
are probably the same as “the deal” you think you’re getting online.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, The Daily News, Anton Press, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.