How do you find a good mortgage advisor?


Quick Answer

In order to find a reputable and trustworthy mortgage advisor, consider three key areas, suggests Credit.com. Find out if the mortgage advisor can provide a mortgage with any company or if he only works with a select few. Also, consider his fee or commission pricing structure. Finally, ask friends and family for recommendations, or reach out to a mortgage advisor's recent customers for reviews.

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Full Answer

Mortgage advisors, similar to mortgage brokers, try to match their clients with mortgages that fit their needs, notes Credit.com. Because a mortgage is a highly expensive financial product, it is important to ensure that you are not paying more than is necessary. When considering mortgage options, be aware of the market rates and current options. Consider the size of the down payment, whether you want a fixed or variable interest rate, and your credit score. All of these factors influence the terms of a mortgage for which you are eligible.

Once you are aware of the type of mortgage you desire, it is possible to shop around at various financial institutions on your own or engage the help of a professional, explains Bankrate. In cases where professional help is needed, a real estate agent can usually make a reputable broker recommendation. It is often in the realtor's best interest to recommend a broker who provides an excellent mortgage product and ensures that the home closes on time.

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