It’s easy to get excited about finding your new home; however it’s always best to slow down a bit and get mortgage advice before you start looking at properties.
For most of us our mortgage will be the biggest financial commitment (loan) that we will ever have.
Very few of us can afford to buy a home with cash (just our savings) so a mortgage is an inevitability for those of us who want to buy a new home.
Why Get Mortgage Advice
Getting a mortgage is not something that we do each day, so it makes sense to get advice from a professional adviser who lives and breathes mortgages.
You may know something about finance and even think you know quite a bit.
It’s possible to get a lot of information online and also Kiwis tend to get given advice from family and friends which can be helpful too.
But as mentioned, for most of us our mortgage will be the biggest loan we will ever have and due to the loan size it’s also a very long-term financial commitment. For this reason alone you should seek all the advice that you can as you may be able to benefit from some advice that may have otherwise been overlooked.
Small changes can make huge differences to the total cost of your mortgage.
Where To Get Good Mortgage Advice
Kiwis tend to get advice from family and friends and as already mentioned that advice can be very helpful; however you should also seek advice from someone in the business.
To many the obvious place to seek advice on mortgages will be from your bank, but often the advice that a bank will give is very limited to what that specific bank can offer.
The better option is to speak to a mortgage adviser.
Most New Zealand mortgage advisers will be happy to offer free advice with the benefit that they know details on a range of finance options from the banks and non-bank lenders.
Of course advisers would love to arrange the finance for you too as that is how they get paid – generally from the bank at no additional cost to you.
You should get advice from a few sources and from that information you will be able to make better decisions, but even once you have a mortgage it is recommended to review your situation on a regular basis as things do change and you want to be able to fine tune your mortgage or even refinance your mortgage if there are some benefits to you.
