If you are looking to buy a house then you need to choose Mangere Bridge real estate agent and if you might want to consider a mortgage broker. Mortgage brokers are helpful in finding the right mortgage for you. However, there are certain tips that you need to consider when looking at mortgage broker Auckland to ensure that you are choosing correctly.
There are two types of mortgage brokers that you should know about. The first is the independent broker and the second is the broker linked to a lender. It is best to choose an independent broker as they offer mortgages from the entire market. A broker who is linked to a specific lender will also push that lender’s product, even if they are not the best option for you.
Don’t Use The Estate Agents Broker
When you buy a house the estate agent might tell you that you should use their in-house broker or the broker that they suggest. This is something you should generally avoid doing as the agents are probably getting commissions from the brokers. This means that the broker may not be the best one for you to use. If the estate agent tells you that the price will go up if you don’t use their broker this is against the law in many places and you are not obligated to use the broker.
Compare Brokers And Lenders
When you look at brokers you should also consider whether you can go directly to the lender. If the broker is not offering a good rate, it might be cheaper to go to the lender directly. If you have an account with the bank you may be entitled to a cheaper rate.
Do Not Use The First Advisor
A mistake that many people make is to use the first advisor that they talk to. The first broker might not be the best one or offer the best mortgages to suit your needs. It is best to go to a number of different brokers to get a feel for what they offer and whether you feel comfortable with them handling your account.
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Find Out The Costs
When you go to the broker you should ask them about how they will be paid. Some brokers will charge you for their services upfront. However, there are other brokers who will receive a commission from the lender as their payment. The broker should always tell you exactly how they will be paid and what the costs are going to be. If the broker is not willing to tell you the costs then you should consider using a different company.
Don’t Listen To The Sales Pitch
Mortgage brokers will usually try and sell you another product such as insurance. While this might be a good idea, you do not have to take the product from the broker. If you are hit with a sales pitch take the time to look at other offers on the market as they might be better.
There are a number of tips that you should consider when looking for a mortgage broker. You need to consider if they are independent, if they offer the right options for you and whether they are trying to sell you more than just a mortgage.