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Mortgage advice is it worthwhile?


Buying a new home is a very exciting time in one's life and for as much excitement that there is, there is also a fair amount of uncertainty that can go along with it. If you are uncertain or have a lot of unanswered questions then you may need to consider getting mortgage advice.

Quite a lot of interesting factors affect you when taking out a mortgage and all these have to be considered when doing so. If there are any of the terms or recommendations that are given to you during the process from all the people around you then you should really consider getting external and even independent mortgage advice.

An opinion from a qualified mortgage advisor needs to be independent so that they have your interests at heart, and not those of the lender. Dealing with advisors who are tied to mortgage companies could potentially mean that you are lead into mortgage deals which are more rewarding for the bank but not necessarily good for you. Independent advisors will consider everything about your house-buying situation and they will enlighten you in all areas of the deal. In addition even if your tied mortgage advisor does have your best interests at heart they are always only able to recommend products from their own companies portfolio which may not serve your interests better than another lenders product.

One good example of this is interest rates. If you are getting independent mortgage advice then they will tell you whether signing the mortgage now is a good idea or maybe you should wait a few weeks. One reason can be that word in the financial world is that interest rates are getting ready to be cut. Waiting an extra week for that rate cut could save you thousands over the life of the loan.

Furthermore, independent mortgage advisors tend to have their own network of people within the industry which allows them to sound out special offers, anticipate upcoming changes, and exchange advice with each other on the best lenders to use and which lenders are offering the best products.

Independent advisors understand the fluctuating housing markets, which allows them some ability to foresee upward and downward trends in prices and therefore give advice when to buy early or conversely when to buy late, if there is the suggestion of a downward trend.

Once you have decided to go ahead and purchase the home then your mortgage advisor will help you through the actual closing steps. There are many things that you will need to have ready before you actually apply such as employment verification, marriage/divorce records, financial statements, and proof of all the required insurances. Your mortgage advisor will help you get everything organised so it all proceeds smoothly.

No matter if you are an old pro and have signed several mortgages or if you are a first time home buyer getting advice from someone that has no vested interest in whether you accept the terms of a mortgage is a good idea. Using an independent mortgage advisor will ensure that someone is looking out for your best interest.

So in summary arranging a mortgage is a monumental step for anyone and if you have an uncertainty or are unsure about anything then you should ensure you have independent mortgage advice. Advice from a qualified independent mortgage broker can and will save you thousands and they will take you through every step of the process ensuring it is all carried out correctly on your behalf.

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