What should I ask a mortgage advisor

Mortgage Advisor - Selection Criteria

It is crucial to properly define the role of a mortgage advisor. Ask yourself what exactly you expect from mortgage advice. Most of the time you don't need a salesperson, but an advisor - an independent one. A comprehensive and well-founded analysis that provides a transparent basis for decision-making is important.

If a consultant's personal gut feeling is right, other factors should be clarified. Below you will find a selection of possible criteria that can be decisive when choosing the right specialist.

Possible criteria when choosing a mortgage advisor



Specialization / orientation

  • Does the consultant know your situation and needs and does he respond to them?
  • Is the advice comprehensive and professional?
  • Is there appropriate training available?
  • Does the advisor specialize in mortgage advice?
  • Is the deputy regulation guaranteed?
  • How do you react to special requests?

transparency

  • Is a comprehensible mortgage strategy derived based on the initial situation and the needs of the customer?
  • Will the commission statements of the individual mortgage lenders be disclosed on request?
  • Are the costs and fees incurred by the customer shown separately and transparently? In the case of fee-based advice: will a specific offer be made?
  • In what form is the customer informed about agency commissions?
  • Is the consultant's compensation clearly agreed and set out in an offer?
  • Is the consultant ready to confirm in writing that he will disclose all open and hidden commissions to the client?

Interests

  • Is the brokerage of a mortgage or neutral advice in the foreground?
  • Are the processes designed in such a way that the interests of the customer come first?
  • Does the consultant "have to" sell his own or his employer's mortgage?
  • Does an “independent” advisor benefit from selling mortgages from a specific bank (commissions)?
  • Can the customer's house bank also be taken into account when obtaining offers? If not: why not?

Mortgage advice costs

  • How high is the hourly effort and the total fee for a fee-based consultation?
  • How good is the interest rate on the mortgage offered really?
  • Are commissions reimbursed to the customer or do they flow into the consultant's cash register?
  • Are there any hidden costs?


There should be a systematic approach to finding the right mortgage advisor. Think about which criteria are most important to you and ask the advisor how they proceed with the relevant points. As with all important decisions, it can be useful to examine various options more closely. Therefore, check with at least two or better three institutions before deciding on advice. An initial interview is usually free of charge even with fee advisors.