Guide to Hiring a Mortgage Adviser

Mortgage adviser can guide you in choosing the best mortgage loan that suits your needs and budget. Some mortgage advisers are in partnership with one lender or only a limited selection of lenders. It is best to sign up with a mortgage lender that offers you a wide selection of mortgage providers so that you have more choices. There are some lenders that only work with brokers so you probably won’t hear about these lenders unless you hire a mortgage adviser.

The mortgage adviser can introduce to you great lenders that you never know about. It takes a lot of time to compare the mortgage rates and terms between the different lenders. You may end up signing up with the wrong mortgage loan because your lack of knowledge in performing the comparison.

The mortgage adviser is a professional specialized in helping people to compare the mortgage loan so he know which loan is the best for you. He can prevent you from signing up with lender that charge expensive fees. Another advantage is that he can help you to persuade the lenders to waive off some of the fees. Example of fees that you can get waived off are applicant fee and origination fee.

If this is the first home you are buying, you should definitely get help from a mortgage adviser. Since you are a first time home buyer, you may not know how to do comparison so it will be worthwhile to pay the commission to hire the mortgage broker. You should also hire a mortgage adviser if your loan application has been rejected by the bank before. The broker will ask you several important questions before he will begin the search for a suitable loan.

If you sign up through a mortgage adviser, you will be able to get a lower APR rate. This is because the mortgage adviser has a partnership with the lender and the lender will give a discount rate to the customers. He can also assist you in finding a cheap refinancing with short loan term. Apart from recommending mortgage products, some also offer recommendations on life insurance products.

The mortgage adviser get paid with a commission when they successfully recommend a mortgage product to a customer. They collect their commissions from the lenders through the finder fee. Or, they may also collect their commission from the mortgage. They will not get paid until you have sign up for the loan.

It is important that you hire an honest mortgage adviser who will sincerely help you in finding the best deal. Some mortgage advisers are driven by the motivations to earn your commission so they will not care much on whether you get a good mortgage deal. A reputable mortgage adviser will be equipped with the necessary qualifications.

Before hiring, make sure you ask question about what fees you will be charged and the total cost you must pay when they found a suitable loan for you. If the fees are much too expensive for you to afford, it won’t be worthwhile and you should look for another broker.



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