All About Mortgage Advisor
Posted on February 20, 2010
Filed Under Mortgage lending training |
A mortgage broker acts as an intermediary in the process of home buying between the borrower and the lender of the amount. Mortgage brokers either work independently or as a part of a real estate agency. On the other hand another role in the mortgage field almost performs similar functions is of a mortgage advisor. An advisor like a broker can help you find the best companies and other sources of finance. He also caters to the need of the application process and other specialized service in the process of finding the best deals of the house. They offer you with different mortgage options so that you weigh the pros and cons and then choose the option which suits you the best. Another important aspect for which the services of the mortgage advisors are always weighed is the expert advice which they render for the protection of mortgage, repayments and the advice on refinancing.
Another differential factor between a mortgage advisor and a mortgage broker is the qualification which they need to acquire, the advisors do not require any professional training and on the other hand the broker has to take up a professional training to become eligible. The mortgage advisors are involved more with the customer relations. As far as the experience path which is required to become a mortgage advisor is that a person can start of his/her career as a customer service representative in a bank or even a role in the finance department. But incase they are intending to pursue an intensive approach then it would be better to take up a professional training. The training will help them to derive better output in every stage of their business.
Under the notification of the financial services authority, this says that any person intending to pursue mortgage has to acquire a certain level of proficiency. There are two levels from which the mortgage advisor has to be proficient in either of the two: A certificate course in the chartered insurance institute or the trainees can go for the popular course offered by the Ifs School of Finance in Mortgage advice and practice (CeMAP). It is always important that as a user you need to look in for these qualifications. As a person who has passed the exams you can be assured that he can handle your services well, he can also handle all the financial services like the pension, insurance. It would be useful to you as you will not have to deal with different people every time for your financial services.
It is always essential that you take the services of the most experienced and qualified mortgage advisor so that they can help you to get the best of their deals.
shijina
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6 Responses to “All About Mortgage Advisor”
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Why choose an independent mortgage advisor?
What’s the difference between an independent mortgage advisor which you tend to pay about £250 for their advice, and the mortgage advisor tied to your local estate agent?
Most estate agents claim their free advisors are "independent" so why ever pay? What’s the true difference?
Becasue they do have access to a wider range of products than anyone from a chain of advisors do.
References :
As from October 2004 the Financial Services Authority (FSA) took over the regulation of Mortgage Brokers. This was part of the general shake up in UK financial services following the various scandals that arose from allowing the “professionals” to police themselves.
All Mortgage Brokers must either be authorised by the FSA to provide mortgage advice or be appointed representatives of an authorised firm.
If you take mortgage advice from a firm or individual that is not authorised, you will not have access to compensation or redress from the Financial Ombudsman Service if the advice you are given is unsuitable or inaccurate.
References :
http://www.mortgagesorter.co.uk/mortgage_broker_regulation.html
The true difference is that a "independent" mortgage advisor will search the entire market place to find the best deal for you.
The cheaper option of an "independent" advisor tied to an estate agent will get paid by sending you to a certain mortgage company or insurance company.
Independent mortgage advisors will be able to find you the best possible deal that suits you and since you have already paid them they won’t be looking at which mortgage company will give them the most commission.
References :
None.
They’re both going to charge you fees, and points you might not pay if you went to a bank. Better yet, go to a credit union. Credit unions are usually very up front. No hidden fees, and rate you get is whatever the rate is today.
References :
I have used a mortgage advisor on several occasions but I have never paid for the service. The type of advisor I have used gets a commission from the Bank or Building Society upon completion of your mortgage so it doesn’t cost you anything. It is up to the advisor to match your needs and many of them will come to your home at a time convenient to you.
With regard to Estate Agents they usually have a deal in place with a local company and I am not sure if the Estate Agent gives the advisor a kick back, probably they do as obviously its better for the agent to have the client get a mortgage quickly and easily. I would not hesitate to use an advisor again if I decided to move it saves a lot of hassle.
Hope this is of use to you.
References :
I am a debt advisor with my local CAB and I have a financial background