Myths vs. Facts About Hiring A Mortgage Advisor

A mortgage is one of the most crucial financial decisions. Are you planning to opt for a mortgage? Planning it rightly is essential. Accurate planning helps identify potential financial risks and navigate them smoothly, and only a mortgage advisor in Spalding can assist you with this. If you are wondering whether it will be the right decision, you might be influenced by common misconceptions about mortgage advisors. Clearing them is mandatory to prevent missed opportunities, costly mistakes, and to make informed decisions. 

What Are the Common Misconceptions Regarding a Mortgage Advisor in Spalding?

Myth 1: Mortgage Advisors Are Expensive 

• Fact: Mortgage advisors charge the lenders, not the borrowers. It means you don’t need to pay the advisor and can get the work done for free. The bank or the individual you are taking money from will pay the mortgage advisor. Additionally, most of the time, the advisors receive commission only; they do not charge separately. 

Myth 2: They Recommend A Fixed Lender 

• Fact: Independent mortgage advisors maintain a list of lenders, including specialists. As a common citizen, you can access these specialists, and they only work with the advisors. Connecting with these dedicated mortgage specialists allows you to take advantage of special offers and tailored packages, leading to flexible interest rates. 

Myth 3: Working With A Bank Makes the Process Easier 

• Fact: Working with a bank is less time-consuming because they only share their offers. Banks do not extend the offers of other lenders. Therefore, you don’t get the chance to compare it; it’s about closing the deal faster. However, eventually, it leads you to significant losses. You might pay higher interest rates. 

Myth 4: All The Advisors Offer the Same 

• Fact: There is a wide range of advisors, including those for adverse credit, remortgaging, and high-value loans. You need to connect with an advisor who caters to your interests. The level of experience and expertise controls the quality of advice, lender network and personal support. Hence, selecting the advisor largely controls the success rate. 

Myth 5: Hiring an Advisor Can Slow Down the Process 

• Fact : Contrary to common belief, hiring an advisor for your mortgage fastens the process. They craft the required documents with a wealth of knowledge, which helps prevent common mistakes and receive approval faster. Additionally, as most of the advisors have a personal relationship with the lenders, they use it for communications. This reduces confusion and helps in getting replies faster than usual. 

Myth 6: Tools Can Do The Job of The Advisors 

• Fact: Online tools can calculate the budget and interest rates. However, they are unable to offer personalised advice. These tools can’t analyse your financial condition and other obligations; only an advisor can do this. An advisor can assess your income, responsibilities, and credit history and provide advice accordingly.

Hiring a mortgage advisor in Spalding is not overspending or a luxury. It is a practical and utmost professional step to make an informed financial decision. Whether you are a seasoned real estate investor or a novice, consulting with an advisor can help you make the best investment ever. 

At David List Mortgage Consultants Ltd, we have been offering mortgage advice since 1993. Our personalised advice and plans help you to make financial decisions every time. 

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