5 Essential Questions To Ask A Mortgage Adviser

What to ask a mortgage adviser: Consultation

08 Oct 5 Essential Questions To Ask A Mortgage Adviser

With the housing market as it stands, securing mortgages in NZ has been an exercise in persistence for many people. Going it alone can be really stressful, especially when you consider that getting a mortgage is only one part of securing the home of your dreams! To make this vital step easier, Mortgage Advisers step in to negotiate with lenders, using extensive industry knowledge to get your finance approved and secure the best deal for your circumstances.

If you’re adviser-shopping, congratulations! This is an exciting time, and finding a Mortgage Adviser you can trust is important. But you might be wondering what to ask a Mortgage Adviser! To that end, we’ve compiled five essential questions to ask a prospective Mortgage Adviser. These questions will help you get to know the adviser and understand the house-buying process better as a whole. Let’s dive in!

What Does a Mortgage Adviser Do?

So, what does a Mortgage Adviser do? Many people believe that Mortgage Advisers and mortgage brokers are the same thing, but they are not! While a mortgage broker handles your money directly, a Mortgage Adviser acts as an intermediary between you and the potential lenders. Our job is to help you review your lending options, select the best plan for you, and then negotiate with the lenders on your behalf.

Working with an adviser can be an amazing weight off your shoulders as a buyer. Rather than spending hours and hours researching your options and hitting a brick wall with the level of jargon most lenders use, you can partner with someone whose job is to navigate the lending world and guide you to the right solution.

What to Ask a Mortgage Adviser – 5 Critical Questions

1. How many lenders do you work with?

Most Mortgage Advisers have a few different lenders they partner with, which allows them to get to know the entire portfolio of mortgage options certain lenders provide. The more lenders an adviser works with, the better. Why? It ensures your adviser is searching far and wide for the option that suits your circumstances rather than pointing every client to a single lender regardless of their needs.

2. Which lending options are available to me?

This is a standard question and the main reason you’ll be partnering with an adviser in the first place. It’s their job to have in-depth knowledge of the industry, so they should be able to produce some options for you to explore fairly quickly. Asking this question is a great way to start a dialogue about what you need if that conversation hasn’t been initiated already.

3. What are the hidden or lesser-known costs that come with getting a mortgage?

Aside from understanding your lending options, a Mortgage Adviser’s biggest role is helping you navigate the more finicky parts of house-buying. We always try to go the extra mile, shedding light on hidden fees or unexpected costs to account for when securing a mortgage. When you’re adviser-shopping, this is a fantastic way to start that conversation.

4. How do you get paid?

Sure, it’s a bit of a straightforward question, but that’s a good thing! Be brave and start the discussion because this will tell you a lot about the character of the adviser you’ll potentially be working with. Trust is a big part of the equation, so it’s important to feel like you can have open, honest conversations with the person guiding your mortgage choice.

5. I have some concerns…

Finally, this question is up to you. If you have any concerns or worries, don’t be afraid to air them out with your prospective Mortgage Adviser. It’s another big step towards that open conversation to build trust and will grant you some peace of mind. You might even uncover things you didn’t know about the mortgage process!

At the end of the day, the best approach to finding an adviser is simple: have an honest, transparent conversation. Choosing an adviser is a big decision, and any Mortgage Adviser worth their salt is willing to sit down and thoroughly discuss your options and any concerns before partnering with you.

Ready to find the Mortgage Adviser of your dreams?

Talk to the team at Max Mortgages about securing the mortgage that works for you. We’re an award-winning team of Mortgage Advisers ready to find your ideal lending option, negotiate on your behalf, and land you a dream home. If you have any questions at all (we have a few ideas up above!), feel free to get in touch with us for a quick call.

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