Top Mortgage Brokers Know Their Clients And Lenders
What makes top mortgage brokers?
A lender may think that a top mortgage brokers are the ones that provide that lender with the most business, but for a client they want to know that they are getting the best loan that they can get.
Sometimes that may mean just getting a loan, but other times it may be about getting a low interest rate or having the ability to pay the loan off faster.
You will find that the top mortgage brokers are good listeners. They will listen to what you want and ask the relevant questions so they can get a good understanding of what you are trying to achieve before they start to recommend what loan would suit you.
Please Get Me A Home Loan!
For many first home buyers the most important thing is getting a new home and this means getting any home loan that provides enough money to buy that home.
Of course we all want the best home loan interest rates and lowest or no fees, but sometimes we need to take what we can get. Banks are being quite picky with who they will lend money to, and then which of those people will be offered the best interest rates.
Generally any first home buyer that has less than a 20% deposit will not be offered the lowest interest rates, and instead are often charged more with what banks refer to as a Low Equity Margin (LEM) which see’s them charged a higher interest rate, or a Low Equity Fee (LEF) which is a fee added to the loan to cover the bank for the increased risk.
Property investors are also the target of higher interest rates from the banks – in particular the Aussie owned banks. The smaller New Zealand owned banks like TSB Bank are often a good option here as they will still offer property investors the special rates.
There Are Alternative Non Bank Lenders
People go to mortgage brokers because they want expert advice and help.
Where banks may find it hard to offer finance, a mortgage broker has a range of options from the main banks, smaller banks, non-bank mortgage lenders and finance companies. Having a range of options is a benefit but also it means top mortgage brokers need to be constantly updating themselves on what the various lenders can offer.
It’s important brokers are aware of the alternatives and don’t decline a deal just because of lending restrictions with one bank.
Top mortgage brokers know the various lenders and will consider all options before recommending which bank or non-bank lender best suits.