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Why do you need mortgage advisers and how do you choose them?
The field of mortgage advice has no regulation, anyone can advise you.
Karin Armel and Daniel Nachmias explain why it is important to choose the right professional or woman and what to be careful about
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Mortgage
Karin Armel and Daniel Nachmias
Sunday, 06 September 2020, 00:35
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Before you take out a mortgage, you are told that you should take out a mortgage adviser.
You are undecided, you have theoretically learned about the types of mortgages, about interest rates, you understand that you have to bargain with the bank.
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What exactly does a mortgage adviser do that you do not?
Is it impossible to deal with the banks alone?
The answer is simple: a mortgage adviser accompanies the entire financing process with the banks, facilitates and reduces the bureaucracy, saves a lot of time of running around and meetings between the banks and of course, is responsible for obtaining the best terms.
The most important thing in getting a mortgage is the interest rates.
Most people are confident that they can get the best terms on their own from the bank by bargaining between 2-3 banks and thus the process will end.
It is not that simple.
First of all, check what your chances are of getting the desired mortgage.
A mortgage advisor is basically a financial planner, and his job is to check first and foremost whether there is a deal programming.
It takes into account all the financial data of the borrowers, repayment capacity, financial preferences, future repayment and builds a financial plan called a mortgage mix - the distribution of the mortgage into the various tracks.
A mortgage advisor performs a number of simulations and presents them to the client in order to reflect to him the various options and their impact on the mortgage both now and in the future.
Only then, the mortgage adviser submits the plan for an aggressive interest rate tender between the various banks, in order to obtain the minimum interest rates and even to significantly reduce additional ancillary costs, such as, for example, a portfolio opening fee.
Moreover, a real estate transaction does not always arise and fall on good terms, but first and foremost on approval in principle for the transaction, and in complex cases you need to know how to adjust the type of transaction to the relevant bank. Just a great deal of money but sometimes can just save the deal.
The biggest financial decision of your life comes.
Do not walk to it alone
Why should you pay attention when hiring the services of a mortgage adviser?
Unlike bank advisors, private mortgage advisers are supposed to guide you all the way and adjust the best mortgage in light of the data you have presented to them.
Bankers do not have the ability to do this in terms of time and honesty - they often do not have the desire either.
As time goes on a lot of mortgage advisers are joining this hacked market because there is no regulation - anyone can be a mortgage adviser.
Therefore, in our experience, make sure that the mortgage adviser has a respectable experience and seniority in the profession.
This will testify not only to the quantity and types of transactions he conducted and the number of cases and difficulties he encountered and found a solution to, but also to the relationships he formed with the bankers in the various branches so that he can certainly get you good terms in relation to the market.
It is equally important to choose a mortgage adviser who works with all the banks. "
It is easy to check this. In today's era you can find a lot of information that is open to everyone on social networks. New and more so that it is very easy to feel the credibility and be impressed whether we are living the market.This is what matters because in the end you need a mortgage adviser who lives this world on a daily basis.
The argument about mortgage advisers is that they are "cutting a coupon" by actually forging a deal with the banks.
What is right and what is wrong with this claim and are there different types of mortgage advisers?
We have heard this before, and for us it was not and was not created.
Banks do not pay mortgage advisers, so there is no option here to make a deal with them.
Yes you should understand that even when you go to the mortgage bank alone, in the end the bank is a financial entity.
Its purpose is to make as much money as possible, but not at any cost.
Mortgage advisers and bankers speak the same language, so the procedure is faster and more efficient.
A good mortgage advisor knows how to work neatly, submit the relevant paperwork and not tease the bankers and certainly not waste their time.
Bottom line, mortgage advisers should only represent the client, so it should not interest them in which bank the deal will be closed, the main thing is that it will be given on the best terms.
Karin Armel and Daniel Nachmias (Photo: Sharon Levin)
How will I know that I really got the mortgage on the best and most comfortable terms for me?
First, if you have chosen a mortgage adviser that you trust, there is no reason to suspect that you have not received the most affordable offer.
Second, today everyone is asking and consulting in Facebook forums or groups anyway.
The problem is, in our opinion, that it only confuses people because in the end you do not really get a professional opinion, and there is no reason to rely on the opinion of someone who does not know your financial profile.
You could say it's even irresponsible.
In a mortgage there is no place for a "paste copy", everyone has to calculate the right route for him.
It is important for us to refine because there are lots of parameters that determine the conditions you will receive.
Therefore, even when comparing offers it is important to check if you are in the same level of funding percentage, income level, year spread, amounts, etc.
Each family unit has different preferences, a different level of income, different needs and this is basically what sets us apart in taking out the most optimal mortgage for us.
If we all had the same needs and preferences, we really would not need external mortgage advisers.
Karin Armel and Daniel Nachmias are founders and partners in DNA Mortgages.
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