What goes into choosing your mortgage broker?
Purchasing a home can be a lofty task, so most buyers will want a little help when it comes to sorting the technical details and making the right decisions. Helping in this way is what mortgage brokers are best at, and that's why the service we offer can be so valuable.
However, according to the New Zealand Mortgage Brokers Association, there are at least 800 brokerages in the country and they're not all created equal. How can you choose the best of the bunch from such a massive selection? And what exactly should you look for in a mortgage broker?
In this article and the video below featuring the sage advice of head Squirrel, John Bolton, we attempt to provide some answers to those questions, to help ensure your home buying journey goes as smoothly as possible.
Mortgage brokers do more than just negotiate a rate
There's a reason why government-funded financial advice resource Sorted recommends mortgage brokers as a way to make managing your home loan easier. It's an extremely helpful service that can make the entire home loan process less stressful and more successful.
However, many Kiwis believe that negotiating with lenders to get better rates is the broker's only function. The fact is, a mortgage broker's role is extremely diverse. When we're doing our job right, we function as trusted and impartial advisors as well as intermediaries between you and major lenders.
Listed below are just a few examples of what we'll do to help you through buying your home:
- Ensuring your loan is structured in a way that suits your needs and helps you to reach your goals.
- Offering advice concerning whether or not now is the right time to buy investment property.
- Guiding you through the entire buying process, from inspecting LIM reports to bidding at auction.
- Help devising a strategy and working with Reserve Bank restrictions such as the LVR limits.
- Offering advice on managing and minimising all the risks of buying property.
- Most mortgage brokers (including Squirrel) are completely free - so why wouldn't you?
With a Squirrel mortgage broker you'll have an impartial professional advisor with you from your loan application through to the day you settle and beyond. Having someone to speak to will make buying a home far less stressful, as every step of the way, you'll know that you're on the right track.
What sets us apart from the rest?
Firstly, all of our brokers are paid salaries, unlike most brokerages who pay their employees by commission. There are plenty of competent mortgage brokers in Auckland. But here at Squirrel, we believe we stand out from the pack and offer a service that's truly helpful and valuable to home buyers. Here's why.
This means that our mortgage advisors only have your best interests in mind, rather than increasing the size of their commission, or making a sale at any cost.
Secondly, we don't work with real estate agents. We believe that helping you - the buyer - is the priority. By getting referrals through real estate agents and vendors we compromise that relationship.
That means that we're just for buyers, and are not beholden to any other group. This allows us to focus our attention solely on helping you, and ensuring that we do as much as we can to make buying your next home a success.