Price or advice – what’s the real value of a good mortgage broker?
When you’re taking your first stab at the property market, you’ll hear many people say ‘You should talk to a mortgage broker – they’ll get you the best interest rate.’ But you know what? There’s a lot more we’re good for.
Any mortgage broker worth his or her salt will be able to find you a good mortgage deal (and no, we’re not just tied to whatever bank is paying the highest commission that month!), but we can provide more than just a great interest rate.
We can help you understand just how much you can afford to borrow, figure out how much deposit you still need to save, open your mind to alternative ways to get onto (or move up) the property ladder and, most importantly, ensure the mortgage structure you choose fits your circumstances.
Why are all these things so important to understand?
Well, because you need to figure out just what your parameters are before you fall in love with that dream home and then pull a financial muscle just to get it.
Also, because we spend a lot of time dealing with other professions associated with buying and selling property, we can also point you in the direction of people that will make sure your property purchase goes smoothly. For that reason, a mortgage broker really should be your first port of call, before you hit TradeMe or set foot into an open home. Here are a few of the professional hookups we can offer:
- LAWYERS – There are many, many cheap and cheerful conveyancing services out there. While they might save you money and get you to settlement successfully, they don’t provide good protection against the plethora of issues that a property deal can have. From boundary disputes to unconsented works and dodgy contracts… Even the process of using a guarantor needs a higher level of legal service – there are quite a few legal hoops to jump through for you and your guarantor, and you have to get it right. When you’re processing the biggest purchase of your life, it pays to have a pro handling the work. It’s also important to ensure you have an up-to-date will that reflects who your property should pass to in the event that you kick the bucket.
- BUILDING INSPECTORS – Much like lawyers, when you get a building inspector you want to know that he or she will attend to their work in nitpicky detail… The smallest detail overlooked could end up costing you big time.
- VALUERS – Your bank will want to see a valuation from a registered valuer that meets their criteria. It’s also important to understand the market value (for re-sale) as opposed to re-build (for insurance purposes).
- BUILDERS/ARCHITECTS – If you’ve found a pad that’s almost perfect, chances are you’ll want to put your mark on it. A good builder and architect will make sure your home is memorable… for all the right reasons.
- BANKS – Of course, the most important contacts a broker has are the banks… But we don’t just haggle for the best interest rate! We know which bank’s criteria will suit your circumstances the best and whether there are any additional sweeteners (or sticky questions) to look out for.
- INSURANCE – As soon as the property title passes to you, you’re liable for all the debt . If that doesn’t scare you, it should. To protect yourself and your loved ones from ‘what ifs’ it’s sensible to have some proper insurance in place to cover you – and in fact, some banks require it to get a mortgage in the first place.
At the end of the day – we’re here to be used, and our advice is almost always free to you because we earn our commission off the banks. So make the most of our resources – we’re here to chat mortgages (and many other things) anytime.
At Hastie Mortgages, we’re also here for the long haul, because we know the most value we can bring to you is during the lifetime of your mortgage, not just the initial sign-up. So give us a call and get the ball rolling…