There are plenty of banks in the sea.
Compare what each bank has on offer. If you’re not 100% sure a bank is offering what you want, fish around. Each New Zealand bank has it’s pros and cons, you just need to make sure you’re getting what’s right for you.
Choose a Mortgage broker.
This is where we enter, stage left. The mortgage brokers at Velocity Financial are here for you.
We listen to what you want and will tell you what you need. We’re unlike other mortgage broker’s because we listen and we’re honest. A mortgage is a big financial step, we want to make sure you’re taking the right one. We get paid by the banks to act as an intermediary, so there’s no costs at all for our advice. Better yet, we’re not affiliated to any bank - our job is to find the right bank for the right people so we don’t have any agendas.
Keep your eyes wide open and your head clear
This might seem like odd advice, but when there is so much moolah involved, you need to make sure you’re aware of exactly what you’re getting yourself into. We can make sure you’re uncovering those ‘hidden’ costs which can include; legal fees, insurance reports, accountants and building inspections. We’re here to match you with the right solution, and ensure you’ve got all the info you need before taking any steps.
Know how you’re going to get Mortgage free, faster!
Before you even get a mortgage, have a freehold plan in mind. Planning this far ahead will make a mortage feel less like daunting debt and more like a tool you’re using in life to get your dream home. Velocity Financial will make sure you’re choosing the right payment amounts not only for your lifestyle but for your ‘freehold’ plan. We will also advise on how you can save on interest so you’re not just going round in circles with the bank.
Mortgages aren’t just for young families looking for their first home to raise their little bundle of joy. Whether you’re onto your second home, or you’ve retired and have decided to get further up the property ladder, we can lead you through any concerns or obstacles you might have.
On to the next one?
So you’ve got home number 1 locked in and whether for the good or the bad you’re looking into getting number 2.
Buying a second home can be a lot more complicated than when you bought your first home. You will want to consider the following:
Should you sell your first home?
Can your financial situation support two mortgages?
What’s changed since you had your first mortgage?
What can a bank do for me?
Are you wanting to go bigger or smaller?
We want to make your second time round as smooth and easy as round one (hopefully) was. Velocity Financial can make sure you don’t end up with two homes you can’t afford and a future of candle-lit baked bean dinners. We’re sure that novelty would wear off fast!
All it takes is a free, no obligation chat with us, and we can run you through all the options, good and bad, and ensure you fully understand the pros and cons of each and have a strategy for the option you choose.
So you’re retired but still in play?
Once upon a time retiring with a mortgage was unthinkable. But that was then, and this is now and now has equity release mortgages (ERM).
An ERM is one which uses the equity you have in your house (how much of it you own) as security. In general, no repayments are made until you sell the house or die. These can be a life saver for some but not ideal for others.
If you’re in this situation and want to know if an ERM is best for you, contact Velocity Financial. We will assess your current financial situation and give you an honest idea of where you can go.