What Are Mortgage Advisers?

2007-03-08 10:33:40

( Financial )



Mortgage advisers are also known as mortgage brokers. Most mortgage advisers help businesses or individuals look for suitable mortgage schemes according to the preference of the client. Making use of mortgage advisers is beneficial in most cases, because there are better schemes that are only made available if purchased through brokers. This is especially true in situations when the borrower has a poor credit standing. Mortgage advisers have the market knowledge in search for the best lenders in this kind of situation. Mortgage advisers also collect the necessary documents for the mortgage loan application, and therefore saves you time.

There are mortgage advisers who work for a lending company, and others represent a number of lending companies. There are also advisers who have unbiased access to the entire mortgage market, and are normally the best type of advisers to use. Having more access to more mortgage companies provides you better chances of obtaining the best mortgage scheme possible.

Mortgage advisers earn money by providing independent mortgage advice to individuals, or by earning commissions by being accredited to a number of mortgage lenders.

There are a number of things you should remember when finding a suitable mortgage adviser:

Ensure that the adviser you select picks a scheme according to what you can afford to pay each month. It is important to find out how your mortgage adviser charges clients. This is aside from the money that advisers earn from lenders. Some advisers will charge certain broker fees, and some do not.

Mortgage advisers differ from loan officers because loan officers act as the coordinator or the middle person between the lender and the buyer. Loan officers tend to be employed by lenders. A mortgage adviser has more responsibility over the life of a mortgage loan. Mortgage advisers must obtain a state license and be registered in the state where the adviser will conduct business. Advisers can be imprisoned or have a license suspended for any evidence of fraud.


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