Are CMPS's worth it?

January 7, 2012 3:59 PM

Tell me your experiences with Certified Mortgage Planning Specialists! Good, bad, indifferent. What to look out for, how to properly use their services...etc.

Planning on calling one next week for a refi application. Looking to know what to expect. If I read the info on CMPS, they sound a bit mortage broker and a little financial planner. Thanks for any and all information!

posted by littleredwagon to Work & Money (4 answers total)

Best answer: Based on my data collection for our refi: they're middle men. That is, they add cost (inefficiency) to the system and don't appear to provide anything that you couldn't find yourself with a modicum of work. YMMV
posted by introp at 6:27 PM on January 7, 2012

Best answer: Do you belong to a credit union? My credit union has Mortgage Prep seminars. My credit union will also sit down with me and look at loan options, no charge. Instead of paying someone, I'd research on Ask.Me, and maybe even post your choices as a question. There are excellent mortgage assessment spreadsheets that can be downloaded to help you choose a good option.
posted by theora55 at 10:51 AM on January 8, 2012

Response by poster: Thanks all! This is all good information. theora55, I am a member of a credit union but have had two disasterous mortgage experiences with them. I could use their tools though and go somewhere else...:-)
posted by littleredwagon at 9:35 AM on January 9, 2012

Or, you could find a different credit union. If they provide poor service, ditch 'em.
posted by theora55 at 8:38 AM on January 11, 2012