Who Do You Go To For Mortgage Advice in West Auckland?

West Auckland mortgage advice

Mortgages are available from a number of different sources. These include the main banks, building societies, secondary lenders, private financiers for larger mortgages and other financial institutions, all fighting to get your custom. This is because they make money out of it and so they all want you to sign up with them. It is now common to see advertisements for companies who want you to change your mortgage supplier and are willing to pay the legal costs associated with this for you. It is always worth questioning why companies are willing to do this. It isn’t because they truly value you as an individual, it is that they make more money. So if these institutions have a vested and biased interest in your business, who do you go to for unbiased mortgage advice in West Auckland?

West Auckland mortgage brokers are unbiased

The answer is quite simple. Talk to a mortgage broker in West Auckland. There are various reasons for this. Here are five strong reasons to visit your local mortgage brokers.

Mortgage brokers are commission-based

A broker is paid a commission based on the size of the mortgage but the commission rates are the same for nearly all lenders. Therefore the mortgage broker does not have any gain from selecting one lender over another.

Access to a huge range of mortgage products

A mortgage broker has access to mortgages being offered by a wide range of financial institutions not just a single one offered by their employer. They can compare different mortgage offers for you and work out which would be most beneficial to you personally in your situation. Obviously they have to make money and some may charge a fee for their services but generally they are free to the borrower.

A mortgage broker saves you time and confusion

Given the large number of mortgage lenders in West Auckland, and the even bigger range of different products, it can take ages to work out which deal might be best for you. But to make matters more confusing, mortgage products and add-on promotions are constantly changing so by the time you have finished your analysis, the offers have changed again. A good mortgage broker will a computer analysis tool to very quickly assess the various mortgages that might be appropriate for you. They can then prepare the typical mortgage costs and repayments you will have to make so you can see how much you can afford to borrow.

Not tied to a single mortgage lender

Clearly a banker is only going to recommend their own mortgage product. They may get a commission or perhaps they only have sales targets to meet. Whichever, they are tied to their own products. So how do you know if you are getting the best mortgage deal for your particular circumstances. The answer is that you do not. The bank lending officer will stress the benefits as they see them i.e. the benefits to the bank not necessarily to you.

Mortgage brokers have negotiating power

If you go to a bank, your purchasing power is just your own single mortgage. However, a good mortgage broker will have a number of clients they are working for. This means they are arranging mortgages worth many times your own loan. This is good business for a bank since they can write a number of mortgages, which their competitors won’t be getting, compared to a single mortgage if they are working directly with you.

Therefore, since the mortgage broker is potentially taking a big amount of business to the bank, they can go to a lender and negotiate better terms for their clients. This might be getting a discounted interest rate for a period of time or they might get the bank to pay your legal fees. Whichever, it is unlikely that you will be able to arrange these benefits on your own.

Mortgage advice in West Auckland

From the above it is quite obvious that a broker is the best place to go for mortgage advice in West Auckland. They are unbiased, their income is not directly tied to any particular loan provider, they are not promoting their own home loan product, they can save you time and frustration plus they can negotiate additional benefits for you.