When I look at the borrowing landscape I see the terrain heavily in favor of the lenders. The banks, insurance companies and Wall Street lenders have deep financial resources and a roster of players with impressive college pedigrees and volumes of experience.
When I look at the borrowing landscape I see the terrain heavily sloped against the borrowers. The typical personal and business borrower applies for a loan only for major purchases and then only once every several years.
The lenders are in the business of making loans and evaluating credit risk and profitability every business day. Like any other activity, the more lending is practiced, the more proficient the lender becomes.
The borrower’s skill, knowledge and experience quickly decays after the loan is made. They will start the next loan near the bottom of the learning curve and have a hard time keeping up with the latest loan trends.
What benefits can a professional borrowing coach bring to your borrowing process?
1. An advocate for the borrower that is not financially incented by the size of the loan or brand name of the lender.
2. A resource for the borrower that has many loans under his belt and has current knowledge of lending industry trends.
3. A dedicated professional who knows where the hidden traps are in the borrowing process. Avoiding these loan traps can save the borrower time and money.
4. An impartial sounding board to help devise prudent borrowing strategy before beginning any conversations with lenders.
5. A trained expert to analyze loan terms from a business perspective and paint an accurate picture of the impact of the loan pricing and terms on your cash flow.
There are many benefits to having an impartial advocate and coach during the borrowing process. It just makes good financial sense to hire someone to help level the borrowing playing field and potentially spare the cost and disruption of a bad loan.
Have you ever considered hiring someone to coach you during the borrowing decision making and loan origination process? With what area of borrowing do you need the most help?