Mortgage Adviser Near Me - How To Find The Right Mortgage Advisor for Your Needs

Mortgage advisers are professionals who help people buy homes by finding the best loan options for them. They can help you determine which type of home loan will suit your financial goals and lifestyle.

Types of Mortgages There are two main types of mortgages:fixed rate and variable rate.

Fixed Rate Mortgages A fixed rate mortgage is one where the interest rate remains constant throughout the term of the loan.

Variable Rate Mortgages A variable rate mortgage has an initial interest rate which may change over time.

Both types of mortgages have advantages and disadvantages.

Fixed Rate Mortgage Pros

With a fixed-rate mortgage an advantage is that the borrower is protected from any sudden increase in interest rate and monthly payment during the fixed period. Fixed-rate mortgages are very simple to understand and differ little from lender to lender.

Fixed Rate Mortgage Cons

There is a slight disadvantage with a fixed-rate mortgage that is if the interest rate go down the borrower fixed period may be higher and cannot come out during that fixed period. This will make it more expensive if interest rates or fall in the future.

Variable Rate Mortgage Pros

A good advantage of a variable rate mortgage is that the borrower could possibility end up with a low interest rate and a low monthly repayment. As a bonus, because the borrower is taking on the risk that the interest rate might rise in the future, the mortgage lender will reward the mortgage borrower  with a lower rate, at least initially.

Variable Rate Mortgage Cons

The disadvantage of a variable rate mortgage is the payments fluctuate after the introductory period and the monthly mortgage payments increase if interest rates move up.

Variable-rate mortgages are more confusing than fixed-rate mortgages.

Which Type Should I Choose?

Talk to a broker who will go through a strategy call to find out about your needs and select the best product for you.

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