It’s sometimes funny why people say use a mortgage adviser!
So often in New Zealand people say “just go and see your own bank” and that makes you question where a mortgage adviser fits.
Where or why does a mortgage broker add any value?
If you are a first home buyer and your mother or father (or uncle, or friend) have suggested going straight to the bank then it is hard to see where a mortgage adviser can help, and sometimes they can but sometimes they can’t.
The key is to ask what you expect an adviser to do.
Where Does A Mortgage Adviser Help?
Too often we hear people say that the job of an adviser is to (a) get the loan approved and (b) get the lowest interest rates.
That is not really true, and those two things are not the most important either.
Let’s ask why people say use a mortgage adviser and re-do the question.
Let’s consider what a mortgage adviser really should do and then you can decide if you would prefer to engage with an adviser or go it alone…
- What advisers do … give advice on your mortgage and of course find a mortgage that suits
- What advisers don’t do … promise too much!
The fact is that mortgage advisers can help you get a mortgage, but the most important job is to help you understand the mortgage and pay it off faster as that is what real advise is about.
Getting The Best “Deal” Today
It’s funny …. of course everyone wants the “best deal” today, but they forgive the best deal tomorrow.
Over the years (20+ years) I’ve seen a lot of people that have chased the “best deal’ but in most cases it’s not worked out as a long-term stategey and of course has not saved anyone any money.
What we have focused on is having and keeping to a strategy and that’s really worked.
A good mortgage adviser is a coach that can show you a strategy and keep you honest to that strategy.
Getting the best interest rate today is always “nice” but having a good strategy will help you pay your mortgage off faster over time.