With all the choices out there, shopping for a mortgage can seem like an overwhelming task. There’s good news, however: Despite the many choices of where to get loans (banks, credit unions, savings and loans, insurance companies, and mortgage bankers) their offerings are pretty well standardized, in order to comply with government rules. (The Federal National Mortgage Association or “Fannie Mae,” as well as other quasi-governmental corporations, set these rules as a condition for buying loans off the lenders.) What’s more, some of the creative mortgage variations that were available before the real estate bubble burst have gone the way of the dodo bird.

Start by deciding what type of mortgage you’re interested in. The main choices are between a fixed rate and adjustable rate mortgage, though some hybrids of the two are still available. Once you’ve narrowed your sights — for example, to a 30-year fixed term mortgage for $300,000 — you’ll be ready to compare apples to apples.

At that point, you can either start looking at mortgage rates yourself or go straight to a loan broker. Mortgage rates and fees are usually published in the real estate sections of metropolitan newspapers and on mortgage websites. (See Nolo’s article Where to Shop for a Mortgage.) Realize, however, that the published rates assume that you’ve got stellar credit and a good income — anything less and you’ll pay more to borrow money.

It’s wise to do some advance research even if you decide to work with a loan broker, so that you’ll have a sense of the market. Some loan brokers charge the consumer directly, others collect a fee from the lender (though this ultimately adds a little to what you pay for your mortgage).

Be sure to check out government-subsidized mortgages, which offer both no down payment and low down payment plans. (See the question What kinds of government loans are available to homebuyers?, below.) Also, ask banks and other private lenders about any first-time buyer programs that offer low down payment plans and flexible qualifying guidelines to low- and moderate-income buyers with good credit.

Finally, don’t forget private sources of mortgage money — parents, other relatives, friends, or even the seller of the house you want to buy. Borrowing money privately is usually the most cost-efficient mortgage of all. And its popularity is increasing as credit tightens.

There are various factors that you should consider when deciding whether or not to utilise the services of mortgage adviser, not the least of which is the sheer size of the modern day mortgage marketplace. The mortgage market has evolved considerably over the past few decades and there is now a vast array of mortgage products available to finance both your own home and your investment properties. In fact the mortgage market has grown and evolved so much that there are now hundreds of lenders supplying thousands of mortgage products in the UK alone. You may therefore be wise to seek advice from an independent mortgage adviser before applying for your next mortgage based on this factor alone.

In addition to helping you navigate the complexity of the modern day mortgage market there are other benefits to using a mortgage adviser. One of those advantages is that some mortgage advisers have access to exclusive deals that are not available on the open market. These deals are made available through independent brokerages and can appear and disappear quickly. Exclusive deals can come with benefits such as lower interest rates, reduced application fees, and free legal fees or survey fees. If you choose to source their own mortgages and not employ the services of a mortgage adviser you may miss out on these exclusive deals.

Another advantage to using a mortgage adviser is that it is no longer necessary to have a face-to-face meeting with them before conducting any business. This means that you can choose which mortgage adviser you would like to utilise without any geographical restrictions. Although a face-to-face meeting is not necessary, you will likely be asked to provide your mortgage adviser with proof of your address and a copy of your identification, such as a passport, before the adviser can submit a mortgage application for you.

While using the services of a mortgage adviser has its benefits, there is usually a cost involved. You should therefore weigh up the cost of utilising a mortgage adviser against the benefits outlined above before deciding whether or not to go it alone when searching for your next mortgage. Most mortgage advisers charge a fee of either a few hundred pounds or a percentage of the loan balance that is being applied for. This fee will be payable in addition to the lender’s mortgage arrangement fee.

If you are in the market for a mortgage and wish to use an adviser check to see whether your adviser is independent or tied. A tied adviser will only be able to offer advice on a select range of products from a few lenders. Conversely, an independent adviser will be able to source home loans from the entire UK market. By utilising the services of an independent adviser you will increase your chances of obtaining impartial advice and securing the right home loan product for your personal needs.