Step-by-Step Guide to Choosing a Mortgage Lender in Hamilton, New Zealand
If you’re searching mortgage broker Hamilton , it should come as no surprise that there is a lot of competition. As New Zealand’s tourism and residential population grows larger every day, the cost of property and the need to take out a mortgage to finance those purchases is increasing.
What is a mortgage anyway? A mortgage is a legally binding document that allows a property buyer to take out a loan in exchange for the title of a property and an interest to be paid back on the original loan. When applying for a mortgage, the applicant enters into an agreement that requires they must pay back a certain portion plus a portion of interest on the loan to the bank each month (or however frequently is agreed upon.).
Searching mortgage broker Hamilton will point you toward someone that will create that legally binding document requiring that states the conditions of the mortgage. The mortgage agreement will state the length that the loan must be paid back in, the interest rate to be repaid on the loan and the conditions under which, if at all, the interest rate would fluctuate over time.
When you’re searching for a Hamilton mortgage brokers the competition can leave you baffled and frustrated. Instead of stressing, ask yourself to: consider your need for a mortgage broker, consider the size of the lender you would be most comfortable with, ask around for recommendations for the best brokers and creditors.
Finally, only after these questions are answered, should you use a mortgage calculator tool to sift through all of the options.
Let’s look at each of those questions a little more in depth -
Which Lender/Creditor Size Do You Prefer?
If you are someone who prefers a bank with a personalized customer service department, with the luxuries of a lender knowing your name, then a small lender is probably best for you. If customer service is less important to you, you may instead choose a larger lender.
Small lenders are generally more flexible because they understand the importance of winning your business. If you have been denied a mortgage application from a larger bank, it is generally advised to apply with a smaller company. They also tend to have faster response times because, compared with their larger competitors, they have far less paperwork to sift through.
Do you need a mortgage broker?
A mortgage broker can save you time and effort by doing the difficult work for you when it comes to finding a lender. While that may seem like a no brainer, brokers earn their profits by arranging deals between the lender and the home owner, so it isn’t always the cheapest option to use one. If you are not well informed and cautious, a mortgage broker could set you up with a lender that offers them the highest profit without necessarily being the best mortgage for you.
If you do choose to go with a broker, it’s important to research and make sure you have a mortgage broker you trust. Ask each potential broker to provide you with references from their past clients. If the broker is hesitant to provide references or refuses to provide them altogether, consider that a major red flag.
What does everyone else suggest?
While so many people searching for a mortgage or mortgage broker can make costs competitive, the beauty of that is that there will be large pools of people from whom you can get honest recommendations from. Since more often than not homeowners choose to mortgage their home, it is likely that your family, friends or neighbors have information regarding their mortgage lenders and brokers.
Even bad experiences can be constructive advice, helping you to cross potential options off your list before you make the wrong decision.
Once you have an idea of the mortgage brokers in Hamilton, consider the size of the lender you want to target…
Consider the options right in front of you:
Are You Using a Real Estate Agent? Use Them As A Connection
If you are purchasing a home through a real estate agent, often the agent will know the best mortgage brokers and lender connections because they are in the field themselves and have seen a lot of both positive and negative experiences with brokers and mortgage lenders. Going through a real estate agent whom you trust can usually cut down on costs. Finding Hamilton mortgage brokers can be daunting so using a trusted real estate agent to guide you can make that process less intimidating while saving you money.
And The Most Important Tip: Use A Mortgage Rate Calculator Tool
Once you consider these aspects and fully understand what you need from a mortgage lender and broker, you can begin actively searching within those specific niches for exactly what fits your needs best.
The best way to find mortgage brokers in Hamilton is by using a mortgage lender calculator tool. Glimp is by far the best one out there, letting you search hundreds of options in minutes.
A service that let’s you search hundreds of New Zealand mortgage brokers at no cost to you? Sounds too good to be true. Find mortgage brokers Ham NZ for the best deal and navigate through the options on an easy to view, easy to navigate interface. The platform is so easy, you can even shuffle back and forth between several different versions or scenarios of your ideal mortgage plan. With just a few clicks, you can change your possible plan to reflect varying fixed income lengths, deposit amounts and more; you don’t even have to navigate off the page.
How does it work?
Glimp’s process is truly as simple as it could be; by simply filling in a brief form with financial details and information regarding the mortgage that you want to take out, you get results in minutes. Did we mention it is no cost to you?
Try Glimp for free now or read this example search to get an idea of the process:
Consider the theoretical scenario that you are mortgaging a home for the first time. You will be presented with the options to either refinance or mortgage your home. For the sake of this example, say you select “mortgage” where prompted.
Now enter the answers to the questions “How much you would like to borrow?” and “What is your deposit?” The minimum amount to borrow is 700,000 and the minimum deposit is 100,000. To make things easy assume 500,000 will be the amount you borrow and 100,000 will be the deposit put down.
Once you have the information entered, you’re done, really! Watch your results present themselves in seconds.
You will be directed to a single page with all of your options laid out in an easy to understand, complete format. You can even adjust your results with buttons at the top of the page. Use these to change the amount of money you want to borrow, the length of years you want the mortgage to run for and the interest rate structure (Is it fixed or floating? In other words does the interest rate fluctuate over time or stay the same?).
These are the results of this experiment, in order of lowest to highest rate:
- HSBC Premier – Fixed Rate: 3 Years, Interest Rate: 4.89%, Monthly Repayment: $2891
- ASB Bank Special – Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- Bank Direct – Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- BNZ Special – Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- ICBC – Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- Sovereign - Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- WestPac - Fixed Rate: 3 Years, Interest Rate: 5.09%, Monthly Repayment: $2949
- TSB Bank - Fixed Rate: 3 Years, Interest Rate: 5.15%, Monthly Repayment: $2967
- Kiwi Bank - Fixed Rate: 3 Years, Interest Rate: 5.25%, Monthly Repayment: $2996
- SBS Bank - Fixed Rate: 3 Years, Interest Rate: 5.25%, Monthly Repayment: $2996
- The Cooperative Bank - Fixed Rate: 3 Years, Interest Rate: 5.25%, Monthly Repayment: $2996
- Resimac - Fixed Rate: 3 Years, Interest Rate: 5.3%, Monthly Repayment: $3011
- TSB Bank - Fixed Rate: 3 Years, Interest Rate: 5.45%, Monthly Repayment: $3056
- ASB Bank - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- Bank Direct - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- BNZ - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- Housing New Zealand - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- SBS Bank - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- Sovereign - Fixed Rate: 3 Years, Interest Rate: 5.49%, Monthly Repayment: $3067
- ANZ Bank - Fixed Rate: 3 Years, Interest Rate: 5.59%, Monthly Repayment: $3067
- Westpac - Fixed Rate: 3 Years, Interest Rate: 5.59%, Monthly Repayment: $3067
- The Cooperative Bank - Fixed Rate: 3 Years, Interest Rate: 5.75%, Monthly Repayment: $3146
- Heartland Bank - Fixed Rate: 3 Years, Interest Rate: 7.58%, Monthly Repayment: $3810
It may seem difficult laid out in this confusing list but Glimp’s platform is far from it. Each option is easily displayed within its own individual box in a grid format, allowing you to compare possibilities without ever leaving the screen.
The results are even listed in order of lowest to highest rate. While many options are listed twice, it is important to recognize that lenders listed twice are actually lenders with different rates and monthly payments.
What Real Users Say
The following are real reviews made from Facebook users who gave Glimp a 5 star rating on their product.
“Glimp is a fantastic aggregator of service providers. It really helped me make an informed decision when looking to switch Internet providers after I moved into a new house.
The whole process we quick and seamless. It couldn't have been any easier. Definitely would recommend.
Thanks for putting the power back to the consumer!” - Colin
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“Didn't know it existed until it was exactly what I needed and there it was! Took all of the stress out of finding the best deal to suit our needs.” -Mikaela
“Great way to get informed information about what's available in services. Makes a busy lifestyle a lot easier to manage.” - Kim
One of the extensive themes throughout the Glimp user reviews are that the site is easy to use -
“User friendly...time saver...easy to use...love it” – Tanz
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With a service that’s know to be that easy to use, why not give it a shot?
When you’re searching for an Christchurch mortgage broker the volume of possibilities can be overwhelming. Instead of stressing, remember to: consider your need for a mortgage broker, consider the size of the lender you would be most comfortable with, ask for recommendations for the best broker or lender and, most importantly, use a mortgage calculator tool to weigh all your options.
Searching for a mortgage broker Christchurch or almost anywhere in New Zealand for that matter, does not have to be a hassle. Using these tips and laid out in this article and Glimp’s mortage calculator tool, you can be sure that you are making a decision that won’t stress your bank account or your mind.
If you like the mortgage calculator tool, you can also use Glimp’s platform to service for service providers, credit card companies and, in the same mortgage calculator tool, look for a bank to refinance your home.
Try Glimp’s tool for free, right now!