As Mortgage Advisers, we take care of all aspects of the application process and our application form is accepted by all of the lenders. We stay up to date with which bank prefers which type of deal and which type of client – giving every type of deal (no matter how big or small) the best chance for approval.
The fact is that one Bank may lend you tens or even hundreds of thousands of dollars more, on the same day given the exact same circumstances, than another Bank. A good adviser will make sure that they have an overview of which Bank will give you the most on any given day.
A good adviser also knows how to present the deal to ensure it has the best chance of getting approved. As well as judging the best Bank to go to we know where it should best go within the Bank – for example, it may be that a residential deal best goes to a commercial contact based on an aspect of the information provided. It’s our job to do everything to make sure it gets approved.
Currently, for a standard Residential deal through a Trading Bank, the lender pays the adviser’s fee, meaning that you get all this skill and professional knowledge at no cost to you! Which other profession provides that?
Mortgage brokers are happy to handle the "transactional" element of finding the lowest rate, but show their worth by guiding customers through the more complex aspects of a home loan process.
Going to a bank "may be the easiest route" for a "straight mortgage", but tricker cases require specialist advice. First-home buyers relying on KiwiSaver funds or the bank of mum and dad, investors, and buyers dealing with code of compliance issues can benefit from dedicated advice.
A first home buyer can talk to a bank, and a day later they will be pre-approved for a loan. "That's awesome, but there's no advice around what to do at auction, how to get your KiwiSaver out."
There may be code of compliance issues. Low equity fees could be included. This is all information you don't find out when the machine says, 'yes, you're pre-approved.'"
We're used to seeing these issues day-in and day-out. We can give you impartial advice on which banks will lend on different property types, get the right loan structure, add value, and help you figure out what you can and can't do.
Customers want to deal with a single person. They want someone who knows their history and can deal with them on an ongoing basis. We say we are the modern-day bank manager. We know our clients intimately, and people don't feel like the banks know them that way anymore."
How does a Mortgage Adviser Save you money?
An experienced mortgage adviser will get the best home loan deal for you. They are not tied to any particular bank or lending company, so they will review all that is being offered and work out which one is the best to achieve your goals – which may include:
• Getting the best possible interest rates to reduce your repayments
• Paying off the loan as quickly as possible
• Using a home loan to finance other purchases
• Making sure you get enough money for what you want to purchase.
How much does a mortgage adviser cost to use?
Usually, nothing. Mortgage advisers earn a commission from the lenders.
Don’t the bank do the same thing as a mortgage adviser?
No – a bank may review your financial situation, but will only present options that they have on offer. And this may not be the best offer you can get. They may even turn you down.
How does a mortgage adviser save you time?
Applying for finance can be complicated. We know exactly what information a bank will need and make sure you get all that together before the loan application is made.
There is no need to shop around at each bank or financial institution and do all the comparison work, read the fine print or negotiate the deal yourself.
Your adviser can also help fill out the necessary paperwork for your loan application.
How does a mortgage adviser reduce stress around getting a mortgage?
You probably have other things to worry about than filling in forms and reading the fine print. It is stressful trying to work out legal jargon, making sure you aren’t missing any important information like interest rate increases, fees and other conditions.
Let an expert do it for you so you can get on with finding that dream home!
Why shouldn’t I just go see my bank and negotiate with them?
Because an experienced mortgage Adviser has more negotiating power than a single person and is likely to get a better deal. You would also have to spend a lot of time researching all the options like interest rates and fees, from all the different lenders. You have a lot of other decisions to make like where to buy, what to buy, organising the move, insurance etc and may not have the time or mental energy to get into negotiations with several lenders.
We also know what the bank is looking for in your bank statements in terms of account conduct and are aware how much of a difference credit card limits and other short-term loans can have an impact. We can help consolidate debts and arrange better terms on things like car loans which can make the difference between an approval t buy a house or not.
We are available after hours which is usually when you need an answer and have access to great deals for lawyers, building inspectors, valuers, insurance advisers, renovation experts who can quote on anything from cosmetic renovations to additional rooms, Property value reports to name a few.
A mortgage adviser is on YOUR team and will negotiate for your best interests armed with experience and knowledge.
Can a mortgage adviser get me a loan if I’ve already been turned down?
It is possible, yes. Sometimes people get turned down by a bank because of something in their financial history, because they don’t have all the records they need or are self-employed. We have helped many people in this situation get a home loan successfully.
How do you choose which mortgage adviser?
Choose an adviser with experience under their belt, along with experience in the banking and/or financial industry before they became an adviser.
Read the online reviews and see if the stories resonate with you.
Also, your adviser will need to know some quite personal details about your finances. You need someone who you feel comfortable with, communicate well with and who you can trust.
The question is not why should you use a good Broker – the question is why wouldn’t you?