The lending industry has seen fluctuations in lending activity over the past few months due to inflation, interest rates and a new, incoming government.
This unsettled time can be worrying for first-home buyers, current homeowners and those who are looking to expand their property portfolio.
It is therefore understandable that homeowners are starting to explore refinancing options when they believe they can secure more favourable loan terms. Here’s how a home loan broker can assist you:
- Access to Multiple Lenders: Brokers typically have relationships with multiple lenders, including banks, credit unions, and mortgage lenders. This gives them access to a variety of loan products and interest rates.
- Comparison Shopping: Brokers can compare loan offers from different lenders to find the one that best suits your needs. This includes considering interest rates, fees, and other terms.
- Negotiation: Experienced brokers can negotiate with lenders on your behalf to secure more favourable terms. This may include negotiating interest rates, loan terms, or even getting certain fees waived.
- Customized Advice: A broker can provide personalized advice based on your financial situation and goals. They can help you understand the implications of different loan options and guide you towards the most suitable choice.
- Time Savings: Instead of contacting multiple lenders yourself, a broker streamlines the process by doing the legwork for you. This can save you time and effort in the loan application and approval process.
- Expertise and Guidance: Brokers are usually knowledgeable about the mortgage market, including current interest rates, lending criteria, and any special promotions or offers. This expertise can be valuable in navigating the complexities of the home loan process.
- Pre-Approval Assistance: Brokers can assist you in getting pre-approved for a mortgage, which can strengthen your position when making an offer on a home. Pre-approval demonstrates to sellers that you are a serious and qualified buyer.
While a home loan broker can be a valuable ally in finding a better deal, it’s essential to choose a reputable and trustworthy professional.
For more advice, please reach out either by giving Tim a call on 0800 468 731 or via email tim.oliver@vegalend.co.nz
Tim Oliver is a Financial Adviser for Vega Mortgages. The information provided in this article is not intended to constitute advice to any person.