The Three Types of Mortgage Agents
As you begin the process of taking out home financing; you will first need to decide which kind of mortgage adviser will be right for you and your current situation. There are three types of mortgage agents to consider, and each has their own special benefits to offer their customers. The three types are tied, multi-tied and independent or 'whole of market' mortgage agents. This article will explain the duties of each type of adviser so that you will may be able to choose which kind is right for you.renew mortgage
Tied Mortgage Adviser
They work with only one lender or company and will recommend to you the products marketed by that lender alone. Tied agents are typically employed by the provider but there are some cases where they work for that specific organization as a self-employed contractor that will usually take on other kinds of work for additional income. Working with this type of mortgage consultant drastically limits the amount of options that are available to you. While they may be able to get you a very reasonable deal from the company that they work for, it is usually best to have more options when you get into the mortgage process.
Multi-Tied Mortgage Adviser
These agents are nearly the same as tied mortgage agents, they also do offer options from more than one lender. Multi-tied agents work with many different companies to give you a range of prices and term extent to work with. While this is way better than having only one lender, you will still find limits using a multi-level mortgage adviser. They are only allowed to work with the lenders that they are employed by and no one else. While this may be disheartening, these agents will work with you to find the best offer they can simply because they do work on commission and acquire percentage or salary adjustment after every successful case.
Independent or Whole of Market Mortgage Adviser
If your financial needs need have a wide variety of options, then choosing to go with an Independent or Whole of Market Consultant is the best decision for you. These agents have no limits the amount lender or company they can recommend to you. They are paid by a set fee instead of by commission from the companies they choose to represent and will be able to get you the best deal on a loan or mortgage available no matter what your personal or financial circumstances may be.
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