Having the right mortgage broker can save you a great deal of time and significantly reduce the amount of stress around securing the best deal on a mortgage loan. To find a mortgage broker that is a perfect fit for you can be made easier if you have a few questions ready to ask before you engage their services.
This way, you can satisfy yourself that they will be the right person for the job. Read on for a list of questions you can pose to ensure that you find a mortgage broker that has your best interests at heart.
- Are You A Registered Mortgage Broker?
All mortgage brokers in New Zealand have to be registered as financial advisers either on their own Financial Advice Provider license or under the license of their employer. They would need to be listed on the Financial Services Provider Register and belong to a Dispute Resolution Scheme.
- Which Financial Institutions Do You Deal With?
Find a mortgage broker that deals with a range of different banks and financial institutions, as they will be in a position to scout around for the best deals on offer. Brokers tied to one institution will only be able to provide deals from their own organisation, and then you will have to do the scouting around yourself.
- How Does Your Fee Structure Work?
Ask your potential broker to explain how their fee structure works. Different payment systems can be used. Find a mortgage broker who will fully disclose how they earn their income from your deal. Remember that even though they could be charging you a fee, they will be actively seeking the best deal for you, so they will be saving you money across the duration of the mortgage period.
You can also ask questions about application fees, origination fees and appraisal fees and if these apply to your mortgage.
- What Other Services Do You Offer?
Look for a mortgage broker that can advise on more than just the mortgage. You may also need advice on loan structure, budgets and forecasts on interest rates for the duration of your loan.
To find a mortgage broker that will simplify financing for you, get in touch with Simpler today. We are here to give you great financial advice and help you to achieve your goals. We work with all the major financial institutions and will ensure you get the best deal.