Finding a mortgage broker in Christchurch is necessary if you want to get the most competitive rates and terms from the mortgage lender you deal with. It’s also a good idea to use a local mortgage broker who can give you insider tips on how to get the best rate and terms from your lender. A mortgage broker works for both banks and lending institutions.
What is a Mortgage Broker?
A mortgage broker is a third-party source of information and data that brokers information and sets rates between lenders and borrowers. Generally, they’re just like any other middleman – but they’re the ones who help arrange the loans and set up the payments between all parties involved in a home loan. A mortgage broker can help you find a mortgage broker in Christchurch.
How to Find a Mortgage Broker in Christchurch
The best way to find a mortgage broker Christchurch is to ask your lender for a referral. Banks don’t generally use outside contractors to find mortgage brokers, so you may have to use your network to find a local broker. Lenders will usually share their broker contacts with you, so you won’t be left without a crutch.
You can also head to the lender’s website and look in the “SERVICES” section. There may be a “hires” section, which might offer a few options – including a “Broker” option.
Ask your lender for a mortgage broker
If you’re lucky enough to work with a specific lender, you can ask them for a referral. While most banks don’t directly refer mortgage brokers, they’re more than happy to share the good news and bad news – especially if you make an effort to ask in a friendly way. If you’re working with a large bank, you can usually ask your loan officer for a referral.
If you ask your loan officer for a referral, he or she is more likely to give you a direct callback.
Make sure your mortgage broker has experience working with your lender
While most mortgage brokers are up-to-date with the latest rates and terms, some might not. Make sure your mortgage broker has at least some experience working with your lender, or you may end up surprised by the final rate and terms on your mortgage.
Make sure your mortgage broker has been through the wringer before and knows what it’s like to walk into a lender’s office with a brand new home and no money to show for it.
Look into the company’s history with mortgage brokers
If a company has been in business for a while, its mortgage brokers have likely been around as well. That means they may have accumulated a large amount of customer business, either good or bad – and can give you some insight into how your particular lender stacks up against the rest.
Check out ETF’s brokerage history to see how they’ve done in the past. You can also look into whether they’ve had any legal troubles and/or regulatory issues.
Finding a mortgage broker in other New Zealand cities
If you’re looking for a mortgage broker in another New Zealand city, you might want to look into whether that broker is part of a larger company or independent. Most banks and credit unions are independent companies, although some may be part of a larger bank or financial services group.
You can usually find the names of the larger banks and financial services groups on the front page of the New Zealand Financial Markets Authority website.