ATM :: Reasons why you need a home loan advisor!

SUKANYA KUMAR Founder & Director, | Aug 07, 2014, 12.46 PM IST | Source:
A home loan can have a significant impact on a borrower’s immediate and long-term financial objectives, and remember that buying a home is the most expensive financial investment you will make.


A home loan is a seemingly simple, yet a complicated product. With banks and financial institutions launching new home loan products and schemes constantly, this well-known and simple product starts becoming more and more complicated. Choosing the right lending partner and product should be done with the right approach in mind to ensure you get the best deal for your requirement. There are many reasons why having a home loan advisor on your team is definitely a smart move; here are a few of the biggest ones.

The most important financial investment of your life
A home loan can have a significant impact on a borrower’s immediate and long-term financial objectives, and remember that buying a home is the most expensive financial investment you will make. Due to this, there needs to be immense caution exercised when zeroing down on the right mortgage partner and product. The experience and expertise of a home loan advisor can help a borrower to plan for un-foreseen emergencies that may arise during the home loan tenure and ensure the borrower is well prepared to handle any financial situation that may arise. Having an advisor on your side can help you to choose your home loan product with great confidence.

Choosing the right product!
Home loan advisors have an access to a large network of lenders, and as a result, their clients have the best choice of mortgage products and terms. This network enables them to source the best mortgage options from various lenders, and advice the borrower on the one best suited for each one. Today, there are many home loan products in the market, and even doing your own research may not be enough in selecting the right one. It is better to seek advice rather than regret your decision later.

Crack the best deal
An advisor is aware of the various restrictions and limitations that banks function with. They are also equipped with the information in terms of interest rates, terms and conditions provided by other banks. This knowledge enables them to negotiate with the lender and strike a good deal. Going back to a old business lesson, one must always remember a wholesale rate is always cheaper than an individual one, and since a home loan advisor initiates multiple mortgages with various lending partners, they are bound to get a cracker of a deal for you.

Hidden costs revealed
There may be hidden costs involved with your home loan, and usually, these charges only come to the borrower’s notice once the loan is booked leaving no option but to pay. Lenders may not mention these charges to the prospective borrower under the assumption that the borrower already knows. More importantly, these charges vary from lender to lender, and some good advice can help you to understand these hidden costs much better giving clarity and confidence to your decision.

Understanding of multiple lender platforms
Advisors are well trained in dealing with multiple lender platforms and understand the policies of each lender. The knowledge of multiple platforms a home loan advisor possesses can help in choosing the perfect lender. For example if a borrower is looking for a loan to purchase land, they need to understand the lenders which offer such loans. If not, they may get stuck at the time of disbursement causing a loss to the prospective borrower.

Benefit from interesting schemes
From time to time, mortgage brokers may run schemes to incentivize the borrower. Schemes can come with benefits such as a waiver of the processing fee, EMI moratorium, cash-back offers, along with many others. Having their ear to the market, an advisor would be aware of these schemes in advance and can ensure their clients avail the benefits of the same. These benefits will surely make you pat yourself on the back for appointing a home loan advisor!

The biggest reason to appoint a home loan advisor is that there is no reason not to! They understand and value your business. As home loan advisors deal on a one-to-one level with prospective borrowers, they can understand the customized requirement of each client and take personal interest to ensure the best for them. The next time you are opting for a home loan, opt for an advisor and experience the difference for yourself!


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