What Does a Mortgage Advisor Do and Why Do You Need One?
Buying a home is exciting, yes, but the mortgage part usually creates headaches. Between banks and paperwork, you barely know where to start. And that’s exactly where a mortgage advisor comes in — to give you a helping hand throughout the whole process.
Basically, a mortgage advisor is the person who compares offers, explains the conditions without any fuss, and helps you choose what suits you best. So far, so good.
In short, they stay with you all the way through — right up to the moment you sign with peace of mind and no surprises. So, if you’re thinking about buying a home, here we’ll explain in detail what a mortgage advisor is and how you can get one. Shall we continue?
What Is a Mortgage Advisor?
A mortgage advisor is the person who helps you get a mortgage — that’s the simple version. What this professional actually does is:
- Analyze your financial situation and savings
- Compare banks
- Find the best terms for you
What all of this means is that the advisor works to make sure you pay less and sign your mortgage documents with complete peace of mind.
But what if you live in a specific area? Well, there are region-based advisors too.
For example, a mortgage advisor in Mallorca knows the local market, understands which banks are offering good terms, and guides you from the very beginning all the way to the signing.
They explain, in clear and simple words, all those things banks usually make complicated: interest rates, fees, terms, and clauses that almost no one understands.
They also take care of the paperwork, the procedures, and the negotiation on your behalf. You just have to tell them what you’re looking for, and they handle the rest. This way, you avoid wasting time, making mistakes, or ending up signing something that isn’t right for you.
Main Functions of a Mortgage Advisor
Alright, you now know what a mortgage advisor is, but… what do they actually do? Well, these professionals are your guide throughout the entire process — from viewing properties to signing, and finally, getting the keys in your hand.
In this section of the article, we walk you through step by step what the main functions of a mortgage advisor are and why they make such a difference.
They analyze your financial situation and your real options
The first thing a good mortgage advisor does is sit down with you and go over your situation in detail. You know — your income, debts, job stability, savings, everything. Only then can they determine how far you can go without struggling later with the monthly payments.
They compare offers from different banks
One of the biggest advantages of having an advisor is that you don’t have to go from bank to bank asking for conditions. They handle all of that. They compare interest rates, fees, and terms to find what suits you best.
They negotiate the terms on your behalf
Looking at offers is one thing, but negotiating is a whole different story. This is where the advisor brings in their experience and network of contacts to secure improvements: a lower interest rate, fewer fees, or better linked conditions. It’s not magic — but it’s close.
They accompany you throughout the entire process until the signing
At no point will the advisor leave you on your own. Whether it’s the first calculation or the final signing, they’re there with you. They review the contracts (including the fine print), translate all the banking jargon into normal language, and most importantly, thanks to their experience, they alert you if something doesn’t add up.
Advantages of Hiring a Mortgage Advisor
If you’ve ever tried to apply for a mortgage on your own, you already know how easy it is to end up lost among numbers, bank emails, and endless paperwork.
And that’s precisely why having a mortgage advisor isn’t a luxury — it’s a necessity. At least if you want to go through this whole process the right way (and trust us, you definitely do).
So, let’s take a look at the benefits of hiring a professional in this field:
You avoid making mistakes with important decisions
When it comes to mortgages, any mistake can cost you — and a lot. That’s why having an advisor can help. They know how to spot clauses that don’t look right or conditions that might not be in your best interest.
You get access to offers that don’t appear anywhere else
Mortgage advisors often have agreements with banks and lenders that don’t make their best terms public for everyone. What this means is that you could end up signing something you’d never find, even after hours of searching online.
They free you from heavy paperwork and tedious follow-ups
If you hate chasing emails or sending documents that always seem to need corrections, the advisor handles all of that for you. They coordinate with the bank, check what’s missing, and let you know when something needs to be signed or submitted.
When Is It Recommended to Turn to a Mortgage Advisor?
Not everyone needs a mortgage advisor, but there are definitely moments when having one makes all the difference. At the very least, if it’s your first time taking out a mortgage to buy a home, or if you’re not really sure how banks work, the smartest thing to do is ask for help.
It’s also highly recommended to turn to an advisor if your financial situation isn’t completely standard.
For example, if you’re self-employed, have multiple sources of income, or work seasonally (something very common in Mallorca, especially in the tourism sector), the advisor will know how to present your profile solidly to the bank. And if you’re buying a second home or a property on another island, they can help you compare options between local — or even national — lenders.
On the other hand, if you already have a mortgage and think you could improve your conditions, the advisor can also help you with a mortgage transfer or renegotiation.
How to Choose the Best Mortgage Advisor
Like with anything else, choosing a good mortgage advisor is key to getting a great outcome. We’re talking about a decision that will stay with you for many years… so it’s no small matter. Check out these points to help you choose wisely:
- Look for real experience in your area: in Mallorca, a mortgage for a coastal home isn’t the same as one for a rural finca or a city apartment. The more they know the local market, the better they’ll be able to help you.
- Check reviews and ask for references: it costs nothing to take a look at reviews or ask people who have already worked with them. Doing this will give you a good idea of whether they deliver what they promise. Pay attention to the reviews… they’re more important than you think.
- Evaluate how they communicate: a good advisor speaks clearly, without technical jargon or confusion. They explain everything and don’t try to sell you smoke and mirrors.
- Trust your intuition: in the end, if from the very first moment they give you a good feeling and you see they’re genuinely involved, then you’ve found the right one.
How Much Does a Mortgage Advisor Charge?
There isn’t a “standard” price, because mortgage advisors charge fees depending on many factors. It’s like everything else — it varies.
But generally, they usually charge between 1% and 2% of the loan amount. Or, in some cases, a fixed fee that’s usually around 1,000 euros.
In Mallorca, at least, these fees are usually in the mid-to-high range, especially if the property has a high value (such as luxury apartments or fincas), or if the advisor offers a more personalized service.
Frequently Asked Questions About Mortgage Advisors (FAQ)
By now, if you’re thinking about applying for a mortgage or you’re already in the process, you’ve probably come up with a thousand questions about the role of a mortgage advisor. To keep things simple, here’s a quick guide with the most common questions:
Does a mortgage advisor work for the client or for the bank?
Good advisors work for you, not for the bank. Their goal is to get you the best possible terms and make sure you understand everything you’re signing.
Can a mortgage advisor get better terms than I can?
Generally, yes. This is because advisors are used to negotiating with banks and know where there’s room to push. They also know each lender’s policies, the margins they work with, and the real interest rates that are actually being approved.
What documents do I need for a mortgage advisor to help me?
The basics would be:
- Your ID
- Your latest payslips
- Your income tax return
- And your bank statements
If you’re self-employed, your income records and invoices. With that, they can carry out a full assessment and look for the best options for you.
Can I hire a mortgage advisor if I’ve already started the process with a bank?
Yes, absolutely. Many people do it precisely when the process gets complicated or when the bank starts making things difficult. At that point, the advisor can review the terms you were offered, identify areas that can be improved, and negotiate on your behalf.
Mortgage Advisor in Mallorca
At José Sellés, we’ve been helping people secure a mortgage for quite some time — without getting tangled up in paperwork or fine print. We like to make things simple and straightforward.
That’s why, if you’re thinking about buying a home, improving the mortgage you already have, or simply understanding your options clearly, we’re here to help you.
We talk with you, go over your situation calmly, and guide you step by step all the way to the end. All with full transparency and the peace of mind that comes from having your
