If you are in the market for a new home, chances are you are also in the market for a mortgage. That means you will need to have someone to help you create and then apply for the perfect mortgage. There are many different options out there when you apply for your mortgage, from interest-only mortgages to ARMs to fixed rate mortgages, so you need to choose this professional carefully. You may choose either to work with a loan officer or to work with a certified mortgage planning specialist. To make the right decision, you need to first understand the differences between these two professionals.

A loan officer typically works for a financial institution offering mortgages. In order to become a loan officer, an individual must first have earned a bachelor's degree in finance or another similar field. After finishing college, a loan officer may have found work at a bank in an entry-level position to learn the industry, but this is not always a requirement for the job.

The loan officer's job is to find and recruit customers who are in need of mortgages or other loans and then help them successfully apply for these loans. This often turns into a sales role, as the loan officer attempts to get the borrower to sign up for a loan with a particular lender. Loan officers will work with real estate agents to get their customers. The officer will work carefully to build relationships with these agents so that the agents will recommend the officer's mortgage company to their clients.

Sometimes loan officers will try to help you learn about the mortgage options out there to decide which one is the best fit, but often the only role the loan officer has is to help you fill out the necessary paperwork for the mortgage. Once a customer has applied for a loan, the loan officer will study the application to determine whether or not the applicant is worthy of credit. Then the officer and his or her supervisors will decide whether or not to grant the loan. If the loan is granted, the loan officer will complete the process at the closing, when the repayment schedule is agreed to and signed by the customer.

A certified mortgage planning specialist (CMPS) fills a similar role, but with one main difference. While they will help you fill out paperwork, decide if you are qualified, and set up your repayment plan just like a loan officer, the title of ?Certified Mortgage Planning Specialist' is only granted to those who have completed a rigorous educational requirement beyond their bachelor's degree in finance or economics. Also, these professionals have to pass a detailed examination in order to be granted the CMPS certification.

So how does this difference affect you? First, these professionals are experts in the field. They not only have a background in finance, but they have also been educated extensively about mortgages and how they affect consumers. They have had over 400 hours of intense education on the subject of mortgage planning. In order to achieve CMPS certification, a mortgage specialist must have proven that they have an in depth understanding of the five core skills that the certification curriculum teaches.

The first skill these professionals must exhibit is the ability to analyze the financial market and its affect on the interest rate. This means that these professionals are able to look at current market trends and analyze what is going to happen with the interest rate. This can be critical if you are applying for a mortgage, because they will be able to anticipate if the interest rate is going to rise, thus allowing you to lock in a lower rate early in the application process. Of course, no one can completely predict what will happen in the nation's financial market, but this education is helpful in guiding you towards the right mortgage decisions.

The second skill that a certified mortgage planning specialist must have is cash flow and debt analysis. These professionals will look at your existing income (cash flow) and analyze how much debt you can truly handle. This keeps you from borrowing more money than you will realistically be able to pay back. Also, by carefully structuring your mortgage, a CMPS can help put more cash back into your budget, while still building equity in your home.

The third skill that these individuals must prove adept at is real estate equity management advising. A CMPS will be able to walk you through the process of building equity in your largest, most important investment ? your house. That leads to the fourth skill set, which is real estate investment planning. A CMPS will be able to help you plan the best way to use your home and your mortgage as a long-term investment. Also, a CMPS will be able to provide you with a plan to get out of your largest debt as quickly as possible, using it as an investment, rather than a drain on your budget. This professional will also be able to help you plan the best time to pay off your mortgage based on your individual situation.

Finally, in order to be a certified CMPS, a mortgage professional must prove competent when it comes to mortgage and real estate taxes. Again, this skill allows this individual to be able to advise you properly when it comes to the taxes you will be paying on your home. With these five skills, CMPS professionals can help increase the amount of cash flow you have after purchasing your house by structuring your mortgage in the most favorable way.

Are you considering investing in real estate? Then a certified mortgage planning specialist is the advisor you need. With the expertise these individuals have about real estate taxes and market trends, they will be able to advise you about the best places to purchase investment properties and how to quickly turn them around for a profit. They also know what mortgage traps to avoid when you are investing in real estate.

So which is a better choice, a loan officer or a certified mortgage planning specialist? Both of these professionals will be able to set you up with a mortgage to purchase your new home. However, if you want to ensure that you get the perfect mortgage for your unique needs, and if you want to build a relationship with an industry professional that will be able to advise you about all of the steps you take with your mortgage, then you will want to consider a certified mortgage planning specialist.

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