For most of us, the most significant purchase that we will ever make will be our homes. Most of us will also not be funding said purchase all by ourselves and will in fact need a mortgage. Considering both the size of the average mortgage and the decades that such a loan usually covers, choosing the best mortgage for you is obviously incredibly important.
This is where a mortgage advisor comes in and as the name suggests, a mortgage advisor is somebody that advises you on what mortgage would suit your individual circumstances the best. Considering the fact that most people looking for a mortgage have never done so before, the advice of an expert can be highly beneficial. The value of said advice however depends largely upon the quality of the advisor so here are a few tips for choosing the right one for you.
A Solid Reputation
If there is a single thing that you should look for in a mortgage advisor, it's a solid reputation. While just about any mortgage advisor can throw up a fancy website, only a hard working professional will build a long list of happy past clients. There are three ways to find a reputable mortgage advisor.
- The first is to ask your friends and family for a recommendation. More and more people are turning to the services of mortgage advisors these days.
- Search online for reviews of mortgage advisors in your area. Not only can Google help you find reputable advisors in your area, it can also advise you of which ones you should avoid.
- Finally, ask each mortgage advisor you talk to for customer testimonials. If he/she doesn't have any, you should probably keep looking.
A Genuine Interest in Your Needs
A lot can be learned about a mortgage advisor by simply talking to him. Therefore once you have a shortlist of recommended mortgage advisors in your area, you should take the time to contact them. How eager do they appear to be for your business? If they are busy, how long does it take for them to get back to you? And do they appear to really want to help you? To some mortgage advisors, clients are simply a means to an end, with that end being commission.
A Wide Range of Products
Most mortgage advisors can only advise you on a certain number of different financial products. Therefore you should look for a mortgage advisor that is authorized to advise people on a wide range of them. Remember that if an advisor is tied to a single bank, your options will be narrowed down to what that single bank offers.
Lot's of Experience
Finally, there is the matter of experience. Of course nobody becomes a mortgage advisor without knowing quite a lot about mortgages but some advisors have more experience than others. Said experience is very valuable when it comes to giving you the best recommendations and therefore wherever possible, you should choose a mortgage advisor with a few years of experience under his belt.
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