Everyone wants a fast home loan pre approval, but that doesn’t mean that you are getting the best home loan,and often it can mean the opposite!
Often people think that all home loan are the same … but are they?
Simple answer is NO they are not all the same and a good mortgage adviser will be able to explain some of the reasons why you should select a certain home loan over another.
Often people, and especially first home buyers just want a fast approval and that is understandable as it can be a stressful time.
But “fast” and “good” don’t always work together!
You Want The Best Home Loan
You should want the best home loan.
Most of us want the “best” but when it comes to home loans the concept of “best’ is often ignored.
Best is not the ‘fastest approvals’ or the ‘lowest interest rate’ although that are important too.
The best loan is one that allows the flexibility to manage the loan yourself and enable you to pay it off faster.
This is the best way to save money, to save thousands of dollars.
Slow Down … It Is Worth It
It is easy to be in a rush, but the best thing you can do is slow down.
Sometimes we need to take some time to wait for the best result.
This week, as a leading Auckland mortgage broker I was chasing up an application, only to be told that there is a 12-day delay.
I had two choices;
- Get really “pis&^%$E off” at the bank and jump up and down … which I did
- Or, take a deep breath and remember why I suggested that specific loan with that bank.
After discussing the application it would have been easy to to blow my top and read the riot act to the lender; however i also knew that this loan would be the best for the client.
Getting The Best Home Loan
The job of a mortgage adviser is more than just getting a loan approved.
Good advisers will ask questions to ensure that they understand the needs, and then will recommend the right loans.
Sometimes this means recommending a bank or loan that may not be able to offer the fastest action on an approval. That may be because they are a smaller bank or often it is because they busy due to offering the best home loans or lowest home loan rates.
But still, the adviser will want to ensure that you get the best home loan and therefore may suggest that you wait.
Ultimately the “key thing” is to get the best loan, not a fast home loan per-approval!
