First Home Buyers, And Why Mortgage Brokers Love Them
In New Zealand first home buyers find it particularly difficult because of the very high cost of housing. Apart from the small towns in rural New Zealand first time buyers are faced with taking out an enormous mortgage for what can often be a substandard property, and then they are saddled with massive monthly payments for many years which may prevent them from making any improvements to that property.
This is a fairly daunting prospect to virtually every first home buyer, and many simply procrastinate rather than take that all important step to purchase their first property. A very good first step, once they decide that perhaps they should look at buying a house, is to contact a good mortgage broker to find out just how much they can borrow, how much they can expect for repayments and what is a safe size for their mortgage. For these types of queries it is probably best to talk to an independent mortgage broker, who is much more likely to give them good sound advice and not just simply tell him to go elsewhere, as these people are very obviously potential new clients.
A good mortgage broker will provide a number of services, and for the client these services are almost always free, as the mortgage broker gets paid a commission by the bank. The obviously most important service for these clients is good sound advice. Fortunately for clients the New Zealand the mortgage broking sector is tightly regulated so that all mortgage brokers are fully qualified financial advisors, and are all members of high quality dispute resolution process, which means that clients can generally expect quality and independent unbiased advice.
Mortgage brokers could also provide a counselling or coaching service to help their a clients get the confidence to take the next big step. Brokers find themselves regularly reminding clients to complete and send in particular forms and details, and regularly advising clients that the prospect of the mortgage is not too scary and is more manageable for them then they may think (for more information visit www.nzmortgagebroker.net). In the end it is always the clients decision whether to proceed or not, but a good mortgage broker can help them get over the line, and of course everyone knows that once they do own a property and are starting to pay down the mortgage then in New Zealand this means they are starting a very good base for their future wealth.