What is the role of a Mortgage Advisor?
A Mortgage Advisor (or Mortgage Broker) acts as an intermediary between you the consumer and the bank or lender.
The Mortgage Advisor will shop the available lenders to find the mortgage product that offers the best combination of features, options and rates to suit your individual circumstances.
The best part – depending on your credit picture – is that there is no charge to you for this service. The Mortgage Advisor’s fee is normally paid by the bank or lender for introducing the business.
Why use a Mortgage Advisor?
With the fluctuation in interest rates of late, homeowners have become more aggressive in seeking out the best possible terms from a lender. The appeal of a Mortgage Advisor lies in the opportunity to effectively search a large segment of the mortgage market for the optimum terms, rather than negotiate personally with only one or a few lenders. As a result, the popularity of Mortgage Advisors has grown at a rapid pace.
A Mortgage Advisor can also be a good source of information and an unbiased help in wading through the myriad of options available in the mortgage industry today.
Wondering about the advantages of refinancing? Want more information on the Home Buyers’ Process? How about advice on adjustable term mortgages? Having problems getting a mortgage because you’re self employed? Or maybe you need special help arranging financing for an investment property.
These are the kind of issues a Mortgage Advisor can help with, and usually at no cost to the buyer.