Mortgages

Home Loans

Buying a home, no matter what home it is, is the most exciting and daunting purchase you’ll ever make.

There is a lot to consider when you look at purchasing a home, whether it’s an upsize or downsize, buying that holiday home or perhaps even buying an investment property.

At Mortgage Sure we are here to ensure that this process is hassle-free. When seeking professional advice from the team at Mortgage Sure we will endeavor to make your dream a reality at no cost to you.

We will work alongside you to help you obtain a loan approval on favorable terms, whether that is with your current bank or an alternative bank.

FAQs

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The mortgage itself is the document that the bank uses to take security over your property. So when applying for a ’mortgage’, as most of us say, you’re not actually applying for a mortgage, you’re applying for a home loan.

When you apply to the bank for your home loan and the bank says yes, you can have one they give you the loan but also take out a mortgage over your home. Which means in the event that you cannot make repayments on your loan the bank has the opportunity to sell the house to recoup costs.

Hence the term ‘free hold’, people often use this term when they have finished paying off their home loan. The bank no longer has a mortgage over the property, therefore they own the house free of the hold of the bank’s mortgage.

What is the difference between a home loan and a mortgage?

The mortgage itself is the document that the bank uses to take security over your property. So when applying for a ’mortgage’, as most of us say, you’re not actually applying for a mortgage, you’re applying for a home loan.

When you apply to the bank for your home loan and the bank says yes, you can have one they give you the loan but also take out a mortgage over your home. Which means in the event that you cannot make repayments on your loan the bank has the opportunity to sell the house to recoup costs.

Hence the term ‘free hold’, people often use this term when they have finished paying off their home loan. The bank no longer has a mortgage over the property, therefore they own the house free of the hold of the bank’s mortgage.

What will I need to do to be able to borrow money to renovate my home?

Borrowing more money to renovate your home can be simple, if you are staying with your current bank.

Do we need to do a full application when looking at buying our second home?

The short answer for this is, yes, however if you are coming back to your Mortgage Advisor for a second time they already have a lot of your details. We still need to understand your current position and the purpose of the lending but this process is usually much more streamlined for subsequent applications.

What is a refinance?

A refinance is when you move your home loan and the mortgage registered to another bank or lender, this can be for many reasons including, dissatisfaction with your own bank, products more suited to your circumstances, or the opportunity to restructure your lending in a way that meets your goals

My whanau and I are looking at buying a holiday home for us all to share, is this possible and how do we go about getting an application together?

This sounds great! A holiday home is, in most cases, considered an owner occupied property which means you can borrow as much as 80% of the property’s value and you’re not bound by reserve bank restrictions that apply to rental properties. It’s key to understand how you’re going to use the property and how long you think you will likely own it to allow your adviser to structure the home loan appropriately

When do I get to look at my loan structure and rates?

We will discuss this throughout the process however, we don’t receive a final interest rate offer from your bank until your home loan application is unconditional. At this point, we will sit down and your adviser will present a recommended loan structure based on your goals, ambitions and current situation.

My own bank has declined my loan application, does that mean that no one will give me a home loan?

Not necessarily. We will analyse your situation and work with you to find a suitable option from our large range of lenders. Each lender has different criteria and while one may decline your application another may be happy to offer an approval for you.

Mortgage & Insurance Advisers

Refinancing Home Loans

Not happy with your current bank, another bank is offering a product that is more suited to your needs? Why not consider refinancing.

Mortgage & Insurance Advisers

Next Home Home Loans

Upsizing? Do you have a growing family and need another room or a bigger backyard? Or maybe your kids have left the nest and it’s time to downsize and simplify? Let’s see what your options are.

Mortgage & Insurance Advisers

Holiday Homes

Many Kiwis dream of owning a holiday home, their perfect hideaway from the hustle and bustle of everyday life. Come chat to the team at Mortgage Sure and we will try to help make owning that holiday home a reality.

Mortgage & Insurance Advisers

Renovating Home Loans

Renovating (and maintaining your home) is the perfect opportunity to increase the value of your home whilst utilising the equity in your home to fund the alterations. Come talk to us about how to go about this.

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