Choosing your mortgage consultant?
The repayment of a mortgage is a “sport” of endurance. There are several strategies that can help you gain (paying less interest). A good mortgage consultant is an important asset who can help you get a good mortgage with a good mortgage strategy helping you year after year to pay off your mortgage faster without changing your standard of living.
Finding a good adviser does not have to be rocket science. It is like hiring an employee who works for you. If you plan to pay your mortgage in 15 years or 25 years, your mortgage professional will be there to help.
Here are some considerations that can help you find a good mortgage consultant.
Types of mortgage consultants
There are 2 main types of mortgage consultants who each have their strengths and weaknesses:
The representative of the bank branch offers products from a single lender, is responsible for several tasks including mortgages and is an employee with a possible annual bonus.
The mortgage broker: Offering products from several lenders, specializes in mortgages and works only on commission (paid by the lender) and some charge an additional one off fee.
Factors to consider when choosing a mortgage broker.
Choosing a mortgage broker is primarily a question of trust. There are 2 things that normally help us trust a professional:
- Integrity Will the mortgage broker put my interests before his own and that of the lender? “The negotiation of a mortgage involves two parties who are opposed and whose interests diverge: the lender and the borrower. It is important that you are confident that the recommendations of your advisor reflect the best strategies and solutions for you.
- Expertise: Does your mortgage broker have the ability to offer the best solutions? Your mortgage broker should be able to compare for you the various mortgage products and determine which is best for you.
The two components, integrity and expertise are necessary for trust. Here are two examples to explain this point:
A good used car salesman probably had the expertise to sell you a car, but will you trust him? It depends!
Even if your car salesman is the most honest man you know and works hard, does he the right knowledge and expertise to be able to select the best car deal for you?
Trust is often a feeling that one has with a person. It is based on the fact that we think that this person demonstrates integrity and has some expertise. If you find the right person to be your mortgage broker, you will probably end up with a professional who will be able to advise you for many years.