What exactly does a mortgage advisor Sydney do? A mortgage advisor is a person who is trained in the field of real estate and in the laws that govern it. Mortgage advisors, sometimes referred to as mortgage brokers, act as an independent intermediary who brokers mortgage loans for companies or individuals. In general, people seeking mortgage loans will go to an advisor to discuss their options and choose which loan best suits their needs. However, mortgage advisors also provide educational services and information regarding mortgage loans.
Many people are unsure about the difference between a mortgage advisor and a mortgage broker. While both may conduct transactions in the mortgage market, lenders do not operate under the same regulatory system. As such, mortgage advisors can refer borrowers to different lenders while brokers provide advice to a single lender. The main difference between the two is that mortgage brokers give their clients lists of lenders while advisors go through the proper channels with several different lenders.
A mortgage advisor, in contrast, provides only the information needed by a loan officer. He generally has access to the major lenders and he will not be allowed to advise his own client. When a mortgage advisor helps his clients obtain loans, he does not give out his own advice. Instead, he reports his findings to his client or the lending institution.
A mortgage advisor helps his clients find the best mortgage products. The advisor helps his clients decide what type of mortgage would be the best option for them. The types of loans that an advisor can recommend are usually between two to five loans. The loans that are recommended usually fall into one of these categories: fixed-rate mortgage, adjustable-rate mortgage, and debt-to-income mortgage. If you go to a mortgage advisor, he will show you all the options that you have.
When consulting with a mortgage advisor, you need to give details about your current financial situation. This includes the monthly income and expenses, assets and liabilities, and other factors that affect your finances. This advice is necessary so that your advisor can provide you with the best mortgage products that will suit your needs.
Once you have all your financial details prepared, the mortgage advisor will then discuss your loan options with you. He will let you know about loan products and loan rates offered by different lenders. He will also let you know about any fees payable to lenders and any corresponding interest rate. You should ask as many questions from your advisor as possible. He will also let you know how long it will take for you to get a particular loan rate or any other important loan facts.