Where to Find Your Mortgage – Part 2

Other options you have when shopping for your mortgage are working through a mortgage broker or using an independent financial advisor.

Working with a Mortgage Broker

If you choose to work with a mortgage broker, you should be aware of the fact that there are several types of brokers. Tied brokers only work with one lender. Multi-tied brokers work with several lenders, but not all of them. Both of these options will not get you the best deal, because these brokers will not be shopping through all of the mortgage offerings for you. An independent mortgage broker is the best choice, because these individuals have experience in the mortgage industry and use it to shop for the best mortgage for you.

Mortgage brokers will charge a fee. This could be an hourly fee or a commission on the mortgage when you choose one. This must be disclosed to you in full at your first meeting with the broker.

If you are looking for a mortgage broker, start by talking to people around you who have recently worked with one. You can get a feel for whether or not they liked that particular broker. You can also use online services to get in contact with qualified brokers in your area. If you are unsure about the broker you would like to use, contact several to see which one will offer you a good price on brokerage services.

Working with an Independent Financial Adviser

Independent financial advisers will help you with all aspects of your personal finances, including your mortgage. Independent financial advisers, or IFAs, must follow stringent qualifications in order to practice, which helps ensure that you are getting good advice.

You can find an IFA the same way you find a mortgage broker. However, when you are looking for recommendations for an IFA that can handle your mortgage, make sure you are getting recommendations from friends or family members who used their IFA to get a mortgage. You will probably pay an hourly rate or a commission when you work with an IFA. Again, you must be told what the fees will be when you have your first meeting with the adviser.

To check if your IFA is a good one, make sure that the individual is truly independent. Also, ask to see the IFA’s qualifications. The most important qualification is the Financial Planning Certificate, and this document is required by law. Do not use an IFA that does not have one, because this person is not qualified to help you with your mortgage.