First time home buyers can find the whole process very intimidating, and while they know that they should be getting on the property ladder as soon as possible, they are also naturally very apprehensive about the massive debt that they will have and the massive obligations they will have to make regular payments.
For many first time buyers this is so intimidating that they just simply procrastinate getting into their first time. However a very smart first move for them can be to contact a good mortgage broker, as the mortgage broker will be able to quickly assess the likelihood of getting a good home loan and their ability to manage the mortgage payments. Many people have a good income and have made good savings for a deposit but they have still not taken that first big step of buying their first home.
Mortgage brokers who specialise in dealing with first home buyers understand that in many cases their clients will need coaching, motivation and even cheerleadering to get them over the threshold of their first home. The mortgage broker is perfectly set up to do this (especially in Palmerston North), because he or she knows that they will not get paid until their client has taken the keys for their first home, and so they are very motivated to make sure their client succeeds. Once the client talks to the broker things will start happening very quickly as the broker will need to find out the clients exact financial situation as quickly as possible. They will be a constant thorn in the client’s side until they have supplied this information, and then they will find that the broker moves very quickly to develop an application for the appropriate bank. The broker may have quite a challenge to put the the client at ease about the massive debt that they are taking on, but a good broker will be able to explain things to the client in such a way that it does not appear nearly so scary.
It is important that the broker does not position the deal as absolutely essential, as some clients tend to be scared that they are missing out by not being in the housing market but then put themselves at huge risk by taking on massive debt they cannot afford. It is the brokers job to make certain that this does not happen, and it is also in the brokers best interest because if anything does go wrong down the track then they can lose all of the commission and their reputation.
A good broker will keep their client informed it every step along the path, and they will have carefully selected the appropriate lender and the best lending product for the clients needs. They will make sure that the financing is setup so that it is delivered at the correct time on the correct day to the correct solicitor. Often a broker will tell their new client that they will be “their broker for life”, and that they will contact them periodically to make sure that all is ok and that everything is working well. This will be seen by the client is very good service indeed. For those looking for mortgage brokers in New Plymouth, click here.