When you need help to make your first home or home upgrade dreams come true, you need a mortgage broker. A mortgage broker represents you to the bank, so it’s important that you work with the right person. There are plenty of mortgage brokers out there, so you’re going to need to find someone you can trust. Here are our top five questions to ask yourself when you’re deciding between different mortgage representatives.
1. Who can the mortgage broker work with?
Not all mortgage brokers have the ability to work with all lenders in the marketplace. It is not uncommon for them to be restricted to certain lenders, which unfortunately limits your options as their client.
Typically, mortgage brokers have no restrictions about which banks they can work with, but there are also non-bank mortgage lenders in NZ to factor in. Non-bank lenders are a great option if you have had complications in your loan application. These complications can arise from any number of circumstances, such as being self-employed, or if you’re waiting on assets to sell.
2. Have you heard or read positive or negative feedback about the mortgage broker?
As the world changes with social media, it becomes easier and easier to find word-of-mouth reviews on products and services. Word-of-mouth is a fantastic way to know whether a mortgage broker is a good person to work with or not. Pay attention to feedback on Facebook, Google, TradeMe and elsewhere. It can also help to speak with friends and family who may have worked with mortgage brokers in the past.
It’s important to always do your own research online before committing to a mortgage broker!
3. How experienced is the mortgage broker?
Everyone’s needs are different, and this makes experience vital to mortgage brokers. It’s important that they understand how to handle the many variables that could be involved, like self-employment, bad credit, etc.
If they have only handled straight-forward cases, they may not know how to handle negotiations with a bank. Ask about this early in your first meeting with a mortgage broker, to help you decide if you want to work with them or not.
4. Do you feel like you can trust the mortgage broker with your personal information?
Don’t underestimate the importance of listening to your gut feelings on this one! When you meet a stranger, you typically know whether you want to continue associating with them or not. This is no different when meeting with a mortgage broker. During the application process, you will need to give them sensitive information, such as figures on your earning and spending habits. You want to know you can trust them with this information.
5. Is the mortgage broker friendly and easy to deal with?
Being friendly and genuine means a lot these days, and we think this is under-valued when it comes to business relationships. Regarding mortgage brokers, we believe they should be able to appreciate this too. A broker should be a trusted financial adviser, but also needs to provide support through the entire buying process. A broker should be easy to deal with and have good communication skills. After all, they represent you, and always need to act in your best interests.
Here at Rethink, many of our clients are clients for life, and some have even become friends. You may not be interested in building an overly friendly relationship, but either way, it’s important to know your broker has exceptional character.
Looking for a broker?
Here at Rethink Group, we offer expert advice on mortgage applications, the KiwiSaver Homestart grant, insurance, and more. If you’d like help achieving your dreams, get in contact for a free consultation from Rethink Group today!