Buying a home is one of life’s biggest milestones. But getting a mortgage can be one of life’s biggest challenges, especially in today’s turbulent market. Banks are tightening restrictions, down payments are bigger than ever, and house prices are yo-yo-ing in all directions. There’s much to navigate when it comes to buying a home. If you often ask questions about securing finance, working with a mortgage broker can help.
Here’s how to tell if a mortgage broker is the right fit for you.
You’ve got a lot of questions
The number one reason we recommend working with a mortgage advisor is because they’re there for you every step of the way. Securing finance for your home can get complicated, quickly. A home loan advisor can answer any of the questions you may have, even if you feel silly asking them.
Banks and traditional mortgage lenders often don’t go out of their way to make sure you understand all the ins and outs of securing their home loan. As home loan experts we do! A good mortgage advisor will listen to your individual circumstances, take you through a range of options that are most suitable, and make sure you understand the small print surrounding your home loan.
You don’t have time to shop around
It can take a long time to shop around the home loan market. Furthermore, you might not be sure which type of mortgage or lender is right for you. If you’re short on time, working with a mortgage broker is a bit like outsourcing. They take the responsibility off your shoulders while you carry on with your day-to-day responsibilities.
Working with a mortgage broker means you won’t miss out on opportunities, like putting a last-minute offer on a house you love. Your advisor can do the shopping and comparing for you, while you always have the final approval. It’s a win-win process for everyone involved.
You’ve been rejected by your bank
Getting rejected by your bank can feel heartbreaking and frustrating. Banks are tightening their restrictions which means you could fall short of their criteria and get rejected for a loan. This has a ripple effect as it can affect your credit report. One of the most frustrating parts of getting rejected for a home loan, is your bank might not advise you on how to move forward.
As mortgage brokers, helping you improve your finances moving forward is also part of our job. Working with a home loan advisor from the beginning can help you avoid rejection in the first place. A good advisor would never let you apply for a loan if they thought you were going to get rejected. If you’re worried about this scenario, talking to a mortgage advisor can help alleviate your fears.
Your financial situation is less than straight forward
Some first-home buyers can walk into their bank, ask for a mortgage and get approved without any hassle. However, a mortgage broker can certainly help if your finances are less than straightforward. For example, a mortgage broker can help make the process easier for future home buyers who are:
On lower incomes
Freelancers or contractors
New business owners
Using Kiwisaver or gifted money
Appling for Kainga Ora grants
Buying with family members
You want an inside edge
When thinking of applying for a home loan, most people only think about shopping around the big banks. A mortgage broker or loan advisor will look at all the options to get you a mortgage that’s the best fit. This usually includes small banks and non-traditional lenders.
Furthermore, there’s more to using an mortgage broker than just getting you the lowest rate or cash incentives. From how to bid at an auction to advice on cleaning up your spending habits, your advisor is there to give you an inside edge on all areas leading up to securing your finance. And once you’ve been approved for a loan, they can advise you on the best ways to pay it off too.
Ready To Get Started?
Contact the team at Ingerson, and we’ll assist you with getting the right home loan assistance for your needs.
Interested in refixing your mortgage? Answer a few simple questions and we’ll get back to you with tailored, independent advice to get you started. It’s free, and only takes a few minutes.
