|Approved Mortgage Brokers - providing a professional New Zealand Mortgage Broker service since 1996. Contact us today.|
What does a Mortgage Broker do for you?
In this 5-step guide we will outline the benefits of using a morgage broker, what we will do to assist you in arranging your home loan, and what you can do to prepare.
The process for arranging a home loan is:
What does the service cost?
Using Approved Mortgage Brokers is free to you. There are no additional charges from the lender to you for using a broker.
What banks can we recommend?
ANZ, ASB, National Bank, Sovereign, Westpac, Liberty, NZF Money, NZF Homeloans, Strata Funding, Avanti, and United Home Loans.
New Zealand Mortgage Brokers Association
Lenders Mortgage Insurance (LMI) or Low Equity Fee (LEF)
When your deposit is under 20% of the purchase price lenders may either insure the mortgage and charge an 'LMI' premium or alternatively take on the risk themselves and charge a 'Low Equity Fee'.
A sale and purchase agreement is a legally binding contract.
Penalties can be imposed if you pull out of the contract. Approved Mortgage Brokers recommends you seek legal advice before signing a sales and purchase agreement.
Special conditions should be included in a sale and purchase agreement. These are intended to protect you, the purchaser, when putting an offer on a property. Should these conditions not be fulfilled then you can withdraw your offer without penalty.
The following are common special conditions included in a sales and purchase agreement:
This is very important when placing an offer on a property if finance has not been confirmed. Including these conditions makes the contract null and void if your mortgage is not approved.
Registered valuations give you a fair market appraisal of the property value. This will give you peace of mind that you are paying a fair price. Making your offer subject to a registered valuation means you can renegotiate or withdraw your offer should the valuation be less than the purchase price.
This will help identify any construction, building, or engineering defects in the property you plan to purchase.
Your solicitor will search the property title on your behalf. This ensures 'what you see is what you get'. Title searches provide information on boundaries, past building activities and other restrictions on what you may do on the land.
This is just the beginning...
Once your mortgage has been arranged, Approved Mortgage Brokers will be staying in touch. You will receive our quarterly newsletter, The Home Owner, which will keep you informed of the latest mortgage products and other important lending issues.
What to prepare
Next we will outline what you will need to prepare when arranging a home loan. Having these items ready to go makes the loan approval process smoother.
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