Would a personal banker be able to answer my questions?
My husband and I are in a weird financial situation. Not a BAD situation, we’re just not sure the route we need to take buying a home.
My husband has an insurance settlement that is coming in two parts, a year apart. The money we’re getting is enough to buy a house but theres a years gap in between the payments so we arent sure if we’ll need a mortgage or what.
Would a personal banker be able to advise on this kind of situation or do we need an accountant or…? I know this must seem like common sence to some people but everyone in my family works in designa nd art and know nothing about money hahaha.
Thanks!
A personal banker may be able to answer your question, but their bias will be toward the bank’s products. So, they will probably advise you to get a mortgage!
A CPA would be a better bet, since they can advise you on the possible tax consequences or advantages. But, they do not necessarily have training in personal finance issues beyond the tax considerations.
A certified financial planner would be able to help you with the broad range of issues, but nearly all of them are commission-paid by the brokerage industry, so you have many potential conflicts to deal with in that situation.
The best choice is an fee-paid financial planner.
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