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Mortgage advisors – how can they help?

Written by Ryan Crawford on . Posted in NASWE

Getting the right mortgage deal can be quite a nightmare without someone guiding you through the mortgage maze. Mortgages are not as easy to find as it might seem at first sight, because you will not have access to every available deal and your local bank will probably only offer a small range of deals. The array of alternatives you can find online is much larger than a financial institution can provide, not to mention that every mortgage provider will promote their own deals. This is exactly why Ottawa mortgage advisors represent the solution to your needs, because they can give you objective advice. However, shopping for shoes and getting a mortgage are two different experiences, so even if you get to check out the whole market, you will have troubles comparing deals, because of the terminology and the specific pro and cons of various types of mortgages.


Depending on your needs and requirements, it might be better for you to take out a fixed rate mortgage instead of a variable rate one. If you do not know exactly the difference between repayment or interest-only mortgages, fixed and variable rates, you can only choose blindly and regret your decision. Asking the bank for details is also a bad move, because it is in the interest of the bank to present its offer as the best on the market. You can research the mortgage market by yourself, no one can or should stop you, but you still need to talk to a mortgage broker and see whether he can beat your deal. When it comes to mortgages, the more you now, the better, so asking for a second opinion cannot hurt, on the contrary, it can help you save as much as one hundred bucks per month.


Another problem you have to face when it comes to getting a mortgage deal is whether or not you are eligible. You might find a great deal and think that it is suitable for you, but that could only be a waste of time, if you are not eligible to apply for it. Ottawa mortgage advisors can help you discover in time what type of mortgage deals are suited both for your needs and your eligibility. A reputable broker will have insight information about lenders and can even recommend a similar deal from a lender with more lenient criteria if you are not eligible for the mortgage deal you desired.


Even if you have a DIY philosophy, collaborating with a financial advisor is a smart decision, especially if you have no experience in this domain. There is a limit at how many things you can accomplish by yourself and finding a mortgage deal that suits your needs perfectly is a difficult achievement to make. There are hidden fees and commissions, exclusive deals and eligibility criteria you have to keep in mind when searching for a suitable mortgage provider, so a professional advisor can save you from a serious predicament just by using his/her vast experience in this domain.