Tips for Financial Advisors to Get a Great Mortgage

Mayer Dallal
2 min readMay 3, 2022

As a financial advisor, you provide insight to clients on how to reach their financial goals. This often includes: devising long-term retirement strategies, creating budgets for high-value clients, real estate planning, reviewing insurance policies, and recommending options for mortgage loans or refinancing. Although the compensation may be rewarding, it falls into the non-traditional category and can make buying a home for yourself a challenge.

For financial advisors, it’s common to get paid by AUM, hourly, or for certain transactions, it could be commission-based. While some may be in salaried positions, it is rare. This non-salaried income is considered non-traditional, and many mortgage lenders believe it’s a risky business. Specifically for financial advisors new to the industry. Like the advice you would typically give to one of your clients, here are three tips to get an outstanding mortgage.

Optimize Your Credit Profile

You haven’t achieved the ability to build a financial plan without implementing a thing or two in your own life. However, particular areas of your credit profile may have declined. Your credit score, for example, must be outstanding to qualify for some of the mortgage products available for a professional making an income of 1099. Staying on top of your payments with little to no late-payment notices on your credit score is essential, and so is the safe utilization of revolving credit. For a solid debt-to-income ratio, keep your revolving credit balances to a minimum, even if your income has no problem servicing the payments.

A substantial down payment can also alleviate a lot of the issues that can come up. Budget for the mortgage you can afford; save up at least 20% to keep your LTV ratio below 80%.

Search for Flexible home loan terms.

Choosing home loan terms that allow you to comfortably make your monthly mortgage payment without preventing your access to equity with hefty penalties or pre-payment charges is crucial. Whether your fixed mortgage is for ten years or twenty-five years, make sure you can restructure, refinance, or change your mortgage.

Look for a Specialized Mortgage Lender.

Your loan amount may exceed what a traditional mortgage lender will approve, or your home price exceeds FHA limits. If getting approved quickly and efficiently is what you want, a mortgage lender specializing in self-employed borrowers and investors — financial and investment advisors included — is what you need. That’s where MBANC specializes.

We understand that buying a home as a professional can be challenging. Our mortgage options simplify securing the mortgage you need to purchase the home you deserve. From 1099-only mortgages and bank statement loans, we’ll do a deep dive into your financial records to get you approved.