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What Does a Mortgage Advisor Do?

By C. Mitchell
Updated Mar 03, 2024
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A mortgage advisor’s main role is to guide property purchasers through the mortgage process. The advisor will assess a purchaser’s total financial situation in order to make recommendations about the sort of mortgage that is appropriate, and will act as the purchaser’s advocate in negotiating and finalizing the mortgage terms. Mortgage advisors make the mortgage process more approachable and understandable for a range of clients, from first-time home buyers to businesses looking to relocate or expand.

Purchasing real estate is often one of the most expensive — and most complicated — endeavors that families and businesses undertake. Most of the time, in order to close on a sale, a purchaser needs to secure a mortgage. Mortgages come in many different forms, and getting a mortgage that has the best rates and terms can be confusing. An advisor’s primary role is to help a purchaser select the mortgage that is best for his or her individual situation.

The first thing a mortgage advisor will do is meet with a potential client to discuss the specifics of the desired property and the finances involved. He or she will then walk through the different mortgage options, making recommendations about the length of the mortgage term, the interest rate type, and the base rate amount that would be most appropriate. In many ways, these calculations are somewhat subjective. They depend on how much money a purchaser is able to put down and on the contours of the local real estate market, among other things.

Mortgage advisors are typically trained in financial advising, and in some places have to hold particular certifications or licenses. This is largely because of how sensitive the mortgage advisor's work often is. Advisors interact directly with mortgage lenders on their clients’ behalf, and often times engage in large financial transactions in their clients’ names.

Different sorts of mortgages require different expertise and different service. As such, much of a mortgage advisor’s actual job is dictated by the field in which he or she practices. Most of the time, a residential mortgage advisor will only focus on family homes or condos within a certain limited geographic area. A business mortgage advisor, likewise, will limit his or her practice to corporate properties and related mortgage concerns.

The scope of a mortgage advisor’s role is sometimes also shaped by who the mortgage advisor works for. If the advisor is on staff with a realtor or a bank, he or she may only be able to recommend the mortgage services of a certain fixed number of lenders. He or she may have more latitude in looking at a broad body of mortgage options as an independent mortgage advisor. There are pros and cons to working with both kinds of advisors.

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