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The Risks of Not Asking for Help from a Mortgage Advisor.

November 8, 2017 by  
Filed under Money/Business, Weekly Columns

( Getting mortgage advice from an expert is optional. You can go ahead with your plan to buy a property without consulting an expert for advice. However, this does not guarantee you will be getting the best possible deal. You are not an expert when it comes to mortgages. There are a lot of details that you don’t understand. You can get information online, but this is not specialised knowledge that only experts can provide.

Therefore, not having a mortgage advisor by your side in this important decision-making moment poses a huge risk.

You can’t complain

Mortgage advisors are trained to provide the right information. However, there are those who intentionally complicate the facts so that you will choose a lender which is not necessarily the right one for you. In the event that you have chosen to partner with the wrong lender, you can file a complaint for financial misinformation. On the other hand, if you don’t take the advice, you will have to take full responsibility for any decision you make regarding a mortgage loan.

Your mortgage loan might not be suitable for you

Mortgage advisors have the tools and knowledge to assess the options for mortgage loans. If you are not suitable for a specific loan due to your financial situation, you will be informed right away. You should stay away from that option rather than take it, and regret it later. With a mortgage advisor, you will get these warnings so that you can turn your attention to more suitable options.

You might be rejected by a lender

You might take a lot of time choosing the best mortgage loan from a sea of options. However, even if you have already found the perfect loan, there is no guarantee that your request will be approved. There could be some restrictions that might hinder you from being approved for the loan. As a result, you will have wasted a lot of time applying for a loan which was not suitable for you. Not having the right information and clear understanding of the rules and requirements could prevent you from getting a loan. This is something that can be easily prevented if you partner with the right mortgage advisor.

In short, you need to get quality mortgage advice. Don’t just accept the information you find online. You should also not trust the information you get from random people or even your closest friends and relatives who have just got a mortgage loan. The experience and knowledge of a mortgage advisor who has been around for many years are incomparable. They will lead you to the right mortgage loan, and you will not regret asking for their help.

Staff Writer; Shawn Love

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