Best Mortgage Broker 2014Best Mortgage Broker 2014
So why do lawyers need special mortgage counselling? A number of different issues work against lawyers when it comes to applying for a mortgage. This is primarily the problem of precisely presenting the returns to a mortgage creditor. Whilst creditors must be convinced that an investor can pay for his mortgage, the compensation of lawyers in personal practices is hardly an abridged matter.
An attorney's money is often limited by protracted cases, attorney debts, the cost of the bar, as well as travelling expense and contributions. As a result, the asset and return potentials of a lawyer are significantly underestimated and mortgage requests may be refused.
Obviously, if lawyers had enough free rein to thoroughly review lenders' demands and tastes, design their mortgage requests accordingly, and then pursue their requests with further answers to lenders' misgivings, none of this would be a concern. However, long working times and severe case loads often mean that finding help and expertise from a specialized mortgage broker is a much more comfortable alternative.
What can a mortgage broker do to help a lawyer? There are three ways a mortgage broker can help a lawyer with his mortgage application: Recommendation of appropriate mortgage mortgages and advice on the probability that the lawyer's request will be accepted for a particular mortgage; presentation of the lawyer's mortgage request to the creditor in a manner that highlights the lawyer's real income; representation on the lawyer's behalf in cases where the creditor needs further proof.
Due to their unparalleled compensation methodology, the mortgage requests made by lawyers themselves by large banks are not sufficiently considered. For example, a call center operating in a banking establishment is not aware of the additional actions a lawyer has to take when presenting his request. On the other side, mortgage intermediaries who specialize in legal mortgage brokerage will have established relations with such organizations, know how every creditor enjoys being provided with proofs of income, where everyone draw the line between an approved and a denied request, and how much room for manoeuvre there is.