Does a mortgage adviser work for a bank?
Financial Professionals and How They Relate To Your Property Buying Experience
Understanding all the different financial professionals involved in mortgages can be confusing – so we have made you a quick reference guide to the most common job titles you might come across in your home owner journey.
Financial Professionals in Real Estate
Mortgage Advisor
A mortgage advisor can advise you about your mortgage options – which structures you might want to consider, the products currently on offer by lenders around you, and the process of buying a home in the real estate market where you live.
They are also there to help you through the application process and see you through to the culmination of your home ownership.
If needed, mortgage advisers for first time home buyers can also help to orient them in the processes as it can be a tough learning curve without professional guidance.
Primarily, a mortgage adviser will act as a broker between you and the lender to get you the best deal on the product offered by the lenders that they have access to.
Does a mortgage adviser work for a bank?
No, a mortgage adviser does not work for a bank – they are independent financial advisers who can help liaise between you and the lender you eventually choose to finance your loan.
Mortgage advisers, like those at Titan Finance, have access to a wide range of lenders and will help you to decide on the best product on offer from these lenders.
Loan Officer
A loan officer does work for a specific bank – which is why if you go through a loan officer you will only be provided with information on the loan products offered by that individual bank.
If you choose to engage a mortgage adviser, you might never even meet the loan officer who processes your application because a mortgage adviser’s role is to be the go-between for you and the lender. When we liaise, we do so with our network of professional contacts and negotiate terms on your behalf – usually with these loan officers.
Lender
The term lender refers to any financial institution which offers loans, lines of credit, or other financial services that extend monetary services for purchases – whether this is a credit card or a mortgage.
Financial Adjacent Processionals In Real Estate
These professionals are not specifically financial professionals, but are involved in the financial side of your house buying processes and form an important part of your team.
Real Estate Agent
While you can buy and sell houses without a real estate agent, in what’s termed a ‘private sale’, is not very common. Most people choose to go through a real estate agent because of the ease of relying on a professional to find a home that is on their books, real estate agents are licensed and understand the requirements of property transfer, and they take care of a lot of the nitty gritty of the processes.
Lawyer/Conveyancer
Legally, you need to go through a conveyancer to process the legal transfer of property ownership. It is also a good idea of have a lawyer look through any contract you might be signing in the process of buying your home.
Valuer
This professional will attend your intended property and assesses it in order to produce a report on exactly how much the house is worth – this can be very helpful during the offer stages of purchasing a home.
