Mortgage education

If you’re looking to buy a home soon, then you’ll begin to notice all the advertisements from banks and hear your friends talk about mortgages. With such a bewildering range of features, lenders & options it’s easy to get confused! Getting advice from a friend is great if you are wondering what movie to see, but it isn’t appropriate for a mortgage.

Seeking help from a professional advisor is always the best way to go. However what if you want a second opinion. Many of us don’t have the financial muscle to see several financial planners & get a statement of adivce from all of them.

But don’t worry, there are several ways you can get advice, without the price tag!

  • Try asking a question on a home loan forum, an expert or professional investor may reply to your post with a unique perspective.
  • Read some mortgage articles from an industry insider or specialist journalist.
  • Read a mortgage blog for handy tips on managing your loan.

If you still aren’t sure if your mortgage advisor is acting in your best interests, then ask them some questions to find out what expertise they have and why they are recommending that mortgage:

  • Why do you believe that loan is superior to the others?
  • Can you give me a copy of your commission schedule?
  • Do you have accreditations with all of the prime lenders?
  • How long have you been a mortgage broker for?
  • What other experience do you have in the finance industry?

If all else fails then consider seeking the advice of a second mortgage broker. Unlike financial planners, most mortgage brokers allow you to visit them the first time for free. This is because they are paid when you take out a home loan, it is in their interests to see as many people as they can!

Happy mortgage hunting!