Is It Worth Getting A Mortgage Advisor?

Asked by: Kennedy Rowe

How do mortgage brokers get paid? Most mortgage brokers are paid on a commission basis meaning that, for every mortgage they successfully complete on behalf of their customers the advisor then gets paid a commission from the lender.

What happens when you see a mortgage advisor?

Think of it as an advice session where the mortgage adviser or lender gets to know you. Ultimately the aim is to help you choose the most appropriate mortgage for your current needs and circumstances – whilst taking into account your future plans.

What do mortgage advisors want to see?

Lenders are trying to assess if you can afford mortgage repayments, so they’ll ask you about your income (the money you have coming in) and expenses (the money you’re likely to spend). They’re likely to ask about outstanding and ongoing payments, including: credit card and loan balances. … insurance policy payments.

What questions will a mortgage advisor ask?

Eight questions your mortgage lender will ask – and why

  • How much do you earn? Annual income is a crucial factor for all mortgage lenders as it gives them an estimate of what they can realistically lend. …
  • Do you have any debts? …
  • What do you spend your money on? …
  • Do you have children? …
  • Where is the property?

How do mortgage companies rip you off?

The Lender Charges You Upfront Fees Before Pre-Qualifying or Pre-Approving. … In some cases, lenders accept your application and then charge you fees even if you cannot qualify for the mortgage. This is a way lenders rip off unsuspecting borrowers.

How long should a mortgage advisor take?

Generally speaking, it usually takes two to six weeks to get a mortgage approved. The application process can be accelerated by going through a mortgage broker who can find you the best deals that suit your circumstances. A mortgage offer is usually valid for 6 months.

What should a first time buyer ask a mortgage advisor?

My eight mortgage questions answered

  • What should come first – the property or the mortgage? …
  • Can we negotiate from the asking price? …
  • What happens after we put in an offer? …
  • 4.Is buying together the right choice? …
  • 5.Is it the mortgage or the deeds which show who owns a house? …
  • Does the mortgage move with us if we move house?

How long does a mortgage advisor appointment take?

A mortgage appointment can last anywhere between 30 mins and a few hours. It used to be the case that you’d need to book off an afternoon and travel to a branch or mortgage broker office with a shoulder-breaking pile of documents. You don’t need to do this anymore. Most banks let you do it over the phone now.

Do mortgage brokers get a base salary?

Mortgage Broker Salary

Brokers commonly work on a commission basis – earning some amount of every deal they close. Brokers commonly make between 1 and 2 percent of the mortgage as their pay – meaning every deal made is worth thousands (if not tens of thousands).

What do mortgage advisors look for on bank statements?

The underwriter — the person who evaluates and approves mortgages — will look for four key things on your bank statements: Enough cash saved up for the down payment and closing costs. … Enough cash flow or savings to make monthly mortgage payments. “Reserves,” which are extra funds available in case of an emergency.

Are mortgage advisors free?

How much will a mortgage broker cost? The good news is that independent mortgage advice doesn’t have to cost you a penny – as fee-free independent brokers take all their fee as commission from the lender.

How much will a mortgage advisor charge?

Mortgage advisors are paid on a commission basis paid by the mortgage lender. The mortgage lender will give a commission of around 0.35 percent of the full loan size after the mortgage is completed by the advisor on behalf of their client.


What is the difference between a financial advisor and a mortgage advisor?

Mortgage advisor and financial advisor: are they the same? No. A mortgage advisor specialises only in mortgages; a financial advisor, on the other hand, is qualified to give you advice on a whole range of other financial products, most commonly investment options.

What’s the difference between a mortgage broker and advisor?

A mortgage adviser is a qualified professional who specialises in finding the most suitable mortgage deal for your circumstances. Often they will be called mortgage brokers, but there is no real difference between an adviser and a broker.

What should you not say to a mortgage lender?

10 things NOT to say to your mortgage lender

  • 1) Anything Untruthful. …
  • 2) What’s the most I can borrow? …
  • 3) I forgot to pay that bill again. …
  • 4) Check out my new credit cards! …
  • 5) Which credit card ISN’T maxed out? …
  • 6) Changing jobs annually is my specialty. …
  • 7) This salary job isn’t for me, I’m going to commission-based.

Does a mortgage advisor do everything?

Even ‘whole of market’ advisers don’t cover everything. They can’t advise you on mortgages that are only available if you go to the lender directly. All mortgage advisers must offer you advice when recommending the most suitable mortgage for you.

What do you say when you reach out to a lender?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “In addition to my interest rate and monthly payment, what other fees am I responsible for?” Ask them to break down these fees and their purpose.

What do underwriters check for a mortgage UK?

Underwriters will assess your creditworthiness and the degree of potential risk involved in the agreement based on information from credit referencing checks, bank statements, your financial history and your mortgage application form.

What does a mortgage valuation surveyor look for?

In summary, a mortgage valuation is just a check of your properties value and not a structural assessment. The surveyor visits your property briefly and will only pick up on major visible defects.

Do lenders credit check before completion?

Will there be a final mortgage credit check before completion? Potentially yes, as sometimes lenders may have reason to further check your affordability. Usually, this is done in the event that something substantial changes on your mortgage application which could affect your ability to keep up with payments.

Do mortgage lenders lie?

Unfortunately, the increasing demand for homeownership and higher home values may be fueling a rise in mortgage fraud. While there are shady lenders out there, the FBI says the “vast majority” of mortgage fraud is perpetrated by borrowers against lenders. You want to avoid being either a perpetrator or a victim.

Why you shouldn’t use a mortgage broker?

Working with a mortgage broker can save you time and fees. Cons to consider include that a broker’s interests may not be aligned with your own, you may not get the best deal, and they may not guarantee estimates. Take the time to contact lenders directly to find out first hand what mortgages may be available to you.

What is mortgage theft?

California Penal Code 532f describes the crime of mortgage fraud, which is also commonly called real estate fraud. … Put simply, mortgage fraud occurs when somebody commits a fraudulent act directly related to the purchase, sale, rental or financing of real estate property.