A mortgage adviser, or broker, is an individual who either works for a lending institution, advising on that institution?s specific mortgage offers (known as a 'tied' broker), for a brokerage company, advising on several institutions? offers, or independently where they are known as a 'whole-of-market' broker. A mortgage adviser must receive certain qualifications and be competent in the following areas, according to Joseph Kocsis, Marketing Director of Money Marketing Limited: compliance, mortgage research, mortgage technical knowledge, insurance research, insurance technical knowledge, selling skills, closing skills, and selling broker fees. In short, a mortgage advisor should be able to guide you through the confusion of thousands of offers and help you find the best fit for you and your plans, providing a thorough education along the way.
Due to the plethora of offers available, it is best to begin with a neutral mortgage adviser, one not employed by a specific lending institution. From this mortgage adviser, you will figure out what the best plans for you are. Once you have decided on a lender, you may then want to work with a mortgage adviser employed by that lender. This mortgage adviser will know the ins and outs of every mortgage offered by the lender.
Once you begin dealing with a mortgage adviser face to face, you will want to enquire immediately about the fees charged and when they are due. A mortgage adviser refers your business to a lender for a commission. This fee may well be worth your money, but you need to be assured of this before you begin dealings.
As with all things financial, do your homework first. Know where you stand and what you want. Have questions prepared and ask them. Use the mortgage adviser to your advantage.