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My mortgage provider is telling me he legally has to advise me on insurance is this true?7 comments to My mortgage provider is telling me he legally has to advise me on insurance is this true?You must be logged in to post a comment. |
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He has to document that he has discussed them with you but you do not have to take them with him.
Yes, they are required to carry out a fact finder and offer best advice.
You don’t have to take that advice.
You tell them that you are coming to them for a mortgage and someone else for insurance.
I notice you say my advisor I would use the expression my salesperson
Listen politely, say no thankyou and when they ask you why not say because I don’t want it Don’t get into an argument or discussion, you don’t have to justify your decision to them.
They will try to break down your resistance. Stand firm
Yes, just because he has to discuss it with you doesnt mean you are obliged to take any cover with him, although you never know, they may be able to do you a better deal than your employers.
If the mortgage provider also offers insurance they will definately want to give you the sales pitch (cleverly disguised as advisement) but there are federal regulations that prohibit them from forcing you to take their additional products in order to get approved for the mortgage. if you let them know early on in the sales pitch that your work for an insurance company they may not give you the hard sell and you’ll both save some time. Do, however, listen to what they require for insurance regardless of where you get it, so you can get insurance that meets the requirements.
never heard of that before. you can get your insurance wherever you want. he just wants the sale. you may want to change mortgage companies if they pressure you too much..strange..
Advice is one thing – doesn’t mean you have to buy the insurance from him or anyone he recommends – he’s just going to let you know how much coverage you should have to protect yourself
He is required to tell you about it but you don’t have to take it. He shouldn’t be pushing you into something you don’t want however if he is whole of market he may have some insurance products that may be more competative than what you get from the firm you work for.