Often people get all excited about finding a new home; however it’s always best to slow down a bit and get some good mortgage advice before you start looking.
For most of us our mortgage will be the biggest financial commitment (biggest debt) that we will have in our lifetime
Very few of us can afford to buy a home with cash (just our savings) so having a mortgage is an inevitability for those of us who want to buy a new home.
Good Reasons To Get Mortgage Advice
Getting a mortgage is not something that we do each day, so it makes sense to get advice from a professional mortgage adviser who lives and breathes mortgages.
Of course some people do know something about finance and even may think they know quite a bit.
It’s also possible to get information on mortgages and finance online.
Kiwi’s also tend to get given advice from family and friends which can sometimes be helpful too.
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 you should seek all the advice that you can get as you may be able to benefit from some advice that may have otherwise been overlooked.
With large debts you will find that small changes can make huge differences to the overall cost of your mortgage. More so than just the mortgage interest rates that banks tend to focus on.
Getting 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 good mortgage adviser.
Of course mortgage advisers would like to arrange the finance for you too as that is how they get paid – generally from the bank and 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.
My name is Stuart Wills and I work as a professional mortgage adviser in New Zealand.