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September 2017

Why You May Need A Mortgage Broker

If you are in the market for a mortgage for a new home or new rental property or commercial property, or perhaps for a better deal on your existing mortgage, then a sensible  approach would be to find a good mortgage broker. While  banks deal with a little over 50 of all mortgages in New Zealand, they generally don’t provide as wide a range of services or cover as wide a range of products as mortgage broker do.

There are many areas that mortgage brokers in Wanganui are important for, the most common being that the brokers look right across the banking sector and the second tier lenders for the very best thing for a client. Mortgage brokers a lot more heavily regulated, and they have  a large incentive to provide the best possible advice and find the best solution for their clients, simply because it can come back to bite them and a very big way if it can be showing that they didn’t provide the best advice or solution. This is because mortgage brokers must by law have a high-quality  complaints process plus they must also be signed up to a high quality dispute resolution process.

The simple fact is that at any time there will be good deals available on one day and not another, is all banks are competing aggressively for business.  Of course banks have to be very careful that they give no hint of collusion amongst themselves when sitting there interest rates for the various products. A good mortgage broker will have all of the interest rates on the market out there plus they will understand the trends and what types of products work better for individual clients.

Another area that the mortgage broker is very important for who is presenting their client in the best possible light to the bank or the lender. Yes of course does not involve telling lies about  the client, but it does mean that information that is helpful to their case is emphasized, and information that is unhelpful is not infersize so much.

A third very important area for mortgage brokers in Manawatu is the mechanical process of applying for and handling the loan. This is an important  service for clients you may find paperwork challenging, but it is also an important service in the sense that the broker will know and understand the banks that they are dealing with and how the banks like the paperwork to be filled out and presented.