A mortgage advisor (officially, an Immobiliendarlehensvermittler, but more commonly referred to as a Hypothekenberater in Germany) is a financial professional who helps someone buying a house compare mortgage options. Advisors help you to analyse your financial situation, calculate exactly how much you can afford, and recommend mortgage products from lending institutions. Mortgage advisors are sometimes also called mortgage brokers.
If and when you decide to apply for a mortgage, they communicate with the lender on your behalf and provide support until a mortgage offer is issued.
Mortgage advisors typically help with:
- Understanding how much you can afford and how high a mortgage you might qualify for
- Comparing different mortgage products, rates and lenders
- Explaining mortgage structures and fixed-rate options
- Helping you to put a mortgage application together, including collecting the right documentation
- Liaising with lenders on your behalf during the application process
There are different types of mortgage advisors that you might come across:
Independent mortgage advisors
Most mortgage advisors are independent. That means they work independently, rather than for a single lender, and can help you compare multiple different options from different lenders. Working with an independent mortgage advisor is usually the best way to ensure you are getting the best possible deal.
Some mortgage lenders, however, are not independent. They are known as “tied advisors”. They are restricted to recommending products from a single lender (like an individual bank) or from a limited number of lenders. The benefit of working with a tied lender is that they sometimes have access to special offers or exclusive rates, and can offer a quicker, more streamlined process if you are in a hurry.
Specialist advisors
Some mortgage advisors also specialise in certain types of property sales or clients. For instance, you might find mortgage advisors that specialise in buy-to-let mortgages, or helping first-time buyers. All of the advisors listed above specialise in helping expats in Germany get mortgages, so you can rest assured that they will be able to help in your situation.