If you’re looking for a mortgage loan in Ottawa — or anywhere in Canada, for that matter — you might be daunted by the wide variety of options available to you. Bank mortgages are often the most straightforward option, but even these types of mortgages come in a variety of durations and structures.

If you’re having trouble determining which mortgage is best for you, talking to a bank mortgage advisor can help you sort out your needs and connect them with solutions.


What Is a Mortgage Advisor?

The term mortgage advisor is sometimes synonymous with mortgage agent. Like mortgage brokers in Ottawa, mortgage advisors are licensed to sell mortgages. Unlike mortgage brokers, however, advisors cannot operate a mortgage brokerage, and instead tend to work directly out of a single bank or other financial entity.

A mortgage advisor is, basically, a kind of financial advisor who specializes in mortgages. A bank mortgage advisor can work with you to understand your financial needs and your options when it comes to mortgage loans in Ottawa. A bank might employ a team of advisors to help clients determine what mortgage will work best for their needs, so borrowers have a better idea of what they want when they start applying for loans.


Why Should You Talk to a Mortgage Advisor?

Talking to a mortgage advisor is a good idea whether you have a perfect credit score or you’re closer to the Canadian average of 650. People with good or excellent credit might go straight to a bank to apply for a traditional mortgage without considering alternatives, and while banks can usually offer better interest rates, speaking with an in-house mortgage advisor can still be helpful — they may be able to help you negotiate a better interest rate, or better terms for your mortgage.

Mortgage advisors typically work with people who are interested in traditional bank mortgages, but they can also point potential lenders toward more suitable loans or banking services if the need arises. In a face-to-face meeting, a mortgage advisor can help you determine whether a mortgage is right for you, and if so, they can also assist with appraisals and related fees, as well as finding potential discounts that borrowers may not be aware of.

With so many different types of mortgages available, a mortgage advisor can serve as your one-stop knowledge base, helping you understand the different loans and services available to you without having to go through the time consuming-process of setting up appointments and meetings at many different banks, credit unions, or independent lenders.

Mortgage advisors can look at your finances, and point you in the direction of various types of mortgages that might help your situation. Keep in mind that because mortgage advisors do work for banks, if your credit rating is poor, an advisor may not be able to directly sell you a mortgage. If this is the case, an advisor may be able to recommend another course of action, such as approaching a reputable private lender or broker. They may also suggest other loan products or services from their bank that can help you build up your credit rating and eventually qualify for a mortgage.


What Else Can a Mortgage Advisor Do?

Outside of simply connecting you with a mortgage, a mortgage advisor can help you better understand your current financial situation, and give you advice on how you can work to improve your credit score or better utilize various financial services. Though they specialize in mortgages, most mortgage advisors have a strong background in general finance, and can walk you through a property value assessment, assist with avoiding a foreclosure or power of sale, or help you prepare records and legal documentation for a loan application.


How Can you Find a Mortgage Advisor?

You can find a mortgage advisor by calling your bank or requesting a meeting at a local branch. However, like finding a good mortgage broker, finding the best mortgage advisor can take a few meetings, or a few calls. Take your time to shop around and speak with a few different mortgage advisors to find one that’s a good fit.

A reputable mortgage advisor can work with you to secure a loan that works for you and your financial situation. They can also continue to work with you as you pay off your mortgage, to build good credit and maintain a good standing with your bank.