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What Are the Best Sources for First Mortgage Advice?

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  • Written By: Terrie Brockmann
  • Edited By: Melissa Wiley
  • Last Modified Date: 30 November 2016
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Buyers consider many factors when getting a mortgage loan, but first-time buyers have even more things to consider. Fortunately for borrowers, there are many sources for first mortgage advice. A few of the sources include government publications, real estate broker literature, and materials from financial gurus. Often, people find advice online or through family or friends. No matter what source a person uses, there are certain precautions that he or she needs to take.

Some places to find printed sources of mortgage advice are financial advice books, government pamphlets, and magazine articles. When a person consults printed material, he or she needs to consider that it may contain inaccurate information. This is because laws, economic climates, and other factors change frequently. A book written in 2001 may not have accurate information for a person buying a house ten years later in 2011, for example.

Those professionals associated with mortgages, such as lending companies and real estate brokers, frequently offer first mortgage advice. This may be printed material, personal counseling, or online material. Usually, they update this material periodically, and personnel are acquainted with the newest regulations and market issues.

Financial gurus may also give mortgage advice. Often these experts host television shows, write books and articles, and offer seminars and workshops. Typically, an expert has a website where interested people can find information on what he or she offers. Most financial experts conduct workshops and seminars in larger cities.

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Many governments offer information on first mortgage advice. Some have publications that are free or available for a small fee. Sometimes a government agency will offer workshops through a local agency, such as an extension office or university. Many times, people can use the information from another country's government if their government does not offer this information.

Local sources may include family, friends, and financial planners or financial coaches. Usually, family members and friends will share their experiences and suggest reliable resources for obtaining a mortgage. Financial planners and coaches have the advantage of analyzing a person's full financial situation.

Other local sources of advice include banks, mortgage brokers, and lending institutions and real estate companies. These businesses usually have a financial interest and typically slant their information to their benefit. Frequently, a person gains the best first mortgage advice by combining information from several sources.

There are three types of mortgage advisers. The tied adviser works for one lender and slants his or her advice to profit that firm. The multi-tied adviser works for several lenders, while the independent adviser is not tied to any firm and covers the whole market. Each of type of adviser has its advantages and disadvantages, and a person should ask who has hired the adviser.

Sometimes a person has special circumstances, and seeking legal advice is the best path to take. Although law professionals usually are not expert in the real estate market, they can offer mortgage advice. Some of the situations that may require legal advice include mortgage ownership. For example, many experts recommend legal advice if a person is buying a house with someone unrelated to him or her, such as a same-sex partner or fiancé.

The Internet offers several websites that give viewers first mortgage advice. A person should beware of unsecure or malicious websites and unreliable information. One warning sign is an article that exhibits bad grammar, as though the site was translated from a foreign language by translation software. The writer of the site should be knowledgeable of the language and national or regional regulations and resources.

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