Are you a first-homebuyer planning to meet with a mortgage adviser? It’s an exciting step, but it can also feel overwhelming.

To ensure you make the most of your meeting, it’s crucial to come prepared. Asking the right questions can give you clarity and confidence as you navigate the mortgage process. Here’s what you need to know.

What does a mortgage advisor do?

Navigating the home-buying process or securing a loan can be complex, especially with the variety of options and products available in today’s market. This is where a mortgage advisor becomes valuable.

A mortgage broker bridges borrowers and lenders, helping you secure the best possible loan terms. Unlike going directly to a bank, a broker provides access to multiple lenders and offers tailored advice based on your financial situation.

Mortgage brokers are becoming increasingly significant in New Zealand's housing market, as many banks' mortgages originate from brokers. They can help you:

·       Compare loan options from different lenders

·       Secure competitive interest rates

·       Understand the mortgage approval process

·       Navigate loan applications and paperwork

·       Plan your mortgage strategy for the long term

10 questions to ask your mortgage advisor

Get the most out of your first mortgage advisor meeting by asking the following questions:

1. What types of home loans are available to me?

There are many types of mortgages, including fixed-rate, floating, and interest-only loans. Understanding your options will help you make an informed choice.

2. How much can I borrow?

Your borrowing power depends on your income, expenses, credit history, and deposit amount. Your adviser will help determine a realistic budget.

3. What deposit do I need?

Many lenders require a 20% deposit, but there are options for lower deposits which your mortgage broker can guide you through.

4. What interest rate options are best for me?

Should you opt for a fixed, floating, or split-rate mortgage? Your adviser can explain how each option affects your repayments and financial flexibility.

5. What fees should I expect?

Understanding the financial commitments beyond loan repayments, from lender application fees to ongoing costs like account management fees, is essential.

6. What is the loan approval process, and how long does it take?

Each lender has different processing times and knowing what to expect can help you plan your home purchase timeline.

7. Can I make extra repayments or payoff my loan early?

Some lenders allow extra repayments without penalties, while others charge fees. If you plan to pay off your loan faster, this is a crucial question.

8. What happens if interest rates increase?

Your adviser can help you understand the impact of rising interest rates and whether strategies like fixing your rate or structuring your loan differently can help.

9. What other services can you offer me?

Mortgage brokers offer a wide range of services, so ask about what else they can do for you!

10. Why should I work with a mortgage broker instead of going directly to a bank?

A broker can access a wide range of lenders, offering more choice and competitive rates. They work for you—not the bank—helping you find the best deal available for your situation.

Ready to find an experienced mortgage advisor?

At Benchmark Mortgages, we specialise in helping first-home buyers, property investors, and those looking to refinance secure the best mortgage solutions. With over 13 years of experience working with New Zealand and Australian financial institutions, we provide expert guidance every step of the way. I also have the privilege of being recognised as one of NZA’s inaugural Top 25 Brokers in 2024.

My journey has been fuelled by a commitment to understanding my client’s financial goals and providing personalised mortgage solutions that truly make a difference.

Whether you’re buying your first home, refinancing, or expanding your investment portfolio, we’re here to help you navigate the mortgage process with confidence.

Let’s work together to find the perfect mortgage for you. Contact Benchmark Mortgages with any questions you have, and let’s get you one step closer to owning your dream home today!

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