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Mortgage Broker Clients: Why Mum & Pop Are So Awesome

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There are many different ways of classifying the customers for mortgage brokers in New Zealand, but one simple way is to group the customers into non-distressed and stressed.

Kelsey Leep, mortgage broker

The non-distressed customers are generally looking for a bit of help to get a mortgage, but their circumstances are not troubling them and they may or may not proceed with a deal while they are working with the mortgage broker or even after they have been pre-approved for a mortgage. To find mortgage brokers in Rotorua click this link. These customers can be fickle, and it appears that on average only about 30% of these types of customers actually end up getting a loan, at which point the mortgage broker gets their commission. Brokers may spend days or weeks prodding and poking the customer and trying different solutions, only to have the customer change their mind and decide to postpone their house purchase or cancel it all together. Brokers dealing in this market have to be prepared for a relatively high failure rate, and even when success is guaranteed it may be two to three months before the customer takes up the mortgage and the broker gets paid. The broker’s cash flow management has to be pretty good.

Some brokers describe the non-distressed customers as “Mum and Pop” customers, and while the application process can be very straightforward and probably pretty boring, the fact that about 70% of these applications don’t complete further degrades this market sector in the eyes of mortgage brokers. Interestingly a very high proportion of those customers using the Internet to locate their mortgage broker are in the non-distressed category, and the small handful of very large broking firms that totally dominate this market (because of their high Google search rankings) need to have special admin staff to pre-screen the customers so that the less committed and the dreamers are weeded out upfront before the leads are passed on to the mortgage brokers.

The distressed customers are another group all together. In most cases the customers are in some financial trouble, possibly because of problems with rental properties or because of unanticipated expenses such as P contamination or a leaky home. In many cases if a tidy solution is not found then the customers may lose their property or go bankrupt or at the very least received a massive setback in their financial health. To find out more visit NZMortgageBrokers.org. A percentage of generally independent mortgage brokers specialise in helping these customers, and these brokers will generally have a trusted network of non Bank lenders and high net worth individuals. For the customer in general the most important outcome there’s a solution that stops then becoming bankrupt or losing their shirt, and they will have been turned down by a bank already. The brokers solution will generally involve more expensive money, but even a higher interest rate is way more acceptable to a customer than total financial failure.

Brokers specialising in this market can pick up leads by using Google Adwords and strategic ads that capture the attention of distressed customers. The banks and the large broking firms will generally not want to touch these customers, but for a competent broker this market segment can be pure gold. The customers will almost always take the solution that the broker comes up with, no matter how much higher the interest rate is, and the loan value will generally be a lot higher than for Mum and Pop customers because there is often large-scale refinancing involved. The brokers that service the sector can hide away out of sight of the rest of market and quietly make a killing.

Mortgage Brokers for First Home Buyers

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Buying their first house can be an intimidating process for the average first time buyer, and they may need some good advice, some good coaching and encouraging, and some very good consultancy and assistance when applying for a new mortgage.

Carol Li, independent mortgage broker

Mortgage brokers are well placed to deliver all these for the first home buyer. Every loan applicant is different, and a smart broker will know all the right questions to ask their client in order to complete full discovery for the bank. The broker will need to know that they have all the relevant details,  including an accurate assessment of their clients income, their borrowing risk,  their banking history and their risk tolerance. At this early stage the mortgage broker will probably need to advise their client on what is the  appropriate level of risk that they can take on board. Many clients are initially very ambitious about the type and cost of house if they want to buy or build,  and the broker may have to give them a dose of realism if the financial risks look too great. This will probably involve advising the client to choose a lower cost house to buy or build, or even to wait for a period until their finances reach a more stable point. For more information, visit NZMortgageBrokers.info.

Once the broker has properly advise their client and has a very good picture of the accurate financial situation then they can apply to their chosen lender for pre-approval of finance. If the broker has done their job properly then they will have solved all the upfront problems for the client, and the pre-approval should be fairly straightforward. At this point the client is in a very strong position where they know they have finance and they know what they can pay, and this means they can go along to auctions and discuss and negotiate with real estate agents. The pre-approval is for a maximum level of finance, and in most cases the client will settle on a property for less than what they have been pre-approved. They may choose to still ask for all the finance, so that they have some cash left over to do minor improvements on the house. The smart mortgage broker will have already built this in to their original application to the bank, so that the client can for example build a new driveway or a new fence immediately after they have taken possession of the house.

The job of a mortgage broker is not just to apply for finance on behalf of their client but also to manage the process including the application and sometimes including the dispersal of funds to the client. A good broker will also stay in communication with the client, and check in periodically that everything is good financially, and even offer further advice when required. Many mortgage brokers keep their clients for years, and become the go-to person when the client needs further funding in order to do some developments on the house or even to change their house for example. For independent mortgages in Invercargill, click here.

First Home Mortgages

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Buying their first house can be an intimidating process for the average first time buyer, and they may need some good advice, some good coaching and encouraging, and some very good consultancy and assistance when applying for a new mortgage.

Jennifer Martinez, mortgage broker

Mortgage brokers are well placed to deliver all these for the first home buyer. Every loan applicant is different, and a smart broker will know all the right questions to ask their client in order to complete full discovery for the bank. The broker will need to know that they have all the relevant details,  including an accurate assessment of their clients income, their borrowing risk,  their banking history and their risk tolerance. To find mortgage brokers in Napier click this link. At this early stage the mortgage broker will probably need to advise their client on what is the  appropriate level of risk that they can take on board. Many clients are initially very ambitious about the type and cost of house if they want to buy or build,  and the broker may have to give them a dose of realism if the financial risks look too great. This will probably involve advising the client to choose a lower cost house to buy or build, or even to wait for a period until their finances reach a more stable point.

Once the broker has properly advise their client and has a very good picture of the accurate financial situation then they can apply to their chosen lender for pre-approval of finance. If the broker has done their job properly then they will have solved all the upfront problems for the client, and the pre-approval should be fairly straightforward. At this point the client is in a very strong position where they know they have finance and they know what they can pay, and this means they can go along to auctions and discuss and negotiate with real estate agents. The pre-approval is for a maximum level of finance, and in most cases the client will settle on a property for less than what they have been pre-approved. They may choose to still ask for all the finance, so that they have some cash left over to do minor improvements on the house. The smart mortgage broker will have already built this in to their original application to the bank, so that the client can for example build a new driveway or a new fence immediately after they have taken possession of the house.

The job of a mortgage broker is not just to apply for finance on behalf of their client but also to manage the process including the application and sometimes including the dispersal of funds to the client. A good broker will also stay in communication with the client, and check in periodically that everything is good financially, and even offer further advice when required. If you are looking for Palmerston North mortgage brokers click here. Many mortgage brokers keep their clients for years, and become the go-to person when the client needs further funding in order to do some developments on the house or even to change their house for example.

Plumbers in Tokoroa

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Tokoroa is a reasonably small town on State Highway 1 in the South Waikato, it is around 45 mins drive to a large town further south and around 45 mins drive to a city in the North. Anybody wanting a plumber in Tokoroa may have to call him in from the large centres if their work is urgent, as there are definitely not many local plumbers.

Tokoroa Statue

For the homeowner with an urgent plumbing job the easiest way to locate one is to type plumbers Tokoroa into a Google search, and then just start calling up the plumbers that pop up on the list. With Tokoroa being a fairly small town there is a good chance if the homeowner is a long-term resident that they will know them personally, and so they may be able to depend on friendships in order to get the urgent work done. For anybody else who does not personally know a local plumber, then you may still be able to use the help of a mutual friend in order to get a bit of attention from the plumber, but if that doesn’t work then you will need to call one in from one of the surrounding towns.

While Tokoroa has a very large industry in the paper mill, most of the tradesmen that service the paper mill only service the paper mill, and it is highly unlikely that a residential home owner will be able to employ a paper mill plumber to fix their plumbing problem.

For the plumbers at the paper mill the work they do is on an industrial scale. The paper mill consumes vast quantities of water in the process of manufacturing paper, plus the paper making process consumes large quantities of other toxic chemicals, and so a large part of the job for any plumber at the mall is to ensure that the water and toxic chemicals are delivered to the correct location reliably and safely.

Support work and pumps necessary to transport the water and toxic chemicals around the plant a massive and very complex, and it essential that this is kept operating continuously so that the plant does not have to shut down. Plumbers working at the paper mill are very important individuals.

The Plastering Trade

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Plastering is a highly skilled occupation that is vital to any internal building work,  simply because the finish the plasterer leaves is the final finish that the homeowner will have for all time.

Plasterers get called in to smooth out any bumps and hollows in the walls and ceilings, and to leave a finished that absolutely looks flat and smooth from all angles. It is highly skilled simply because a plasterer has to be able to mix up a perfect batch of plaster and then apply it in such a way that they leave the perfect finish. They need to work very quickly and make absolutely certain that they don’t go over finished work, and for this reason they need to be strong and energetic and really do need to love their work.

Plastering is similar to painting in that there is a degree of art in achieving the final perfect finish. In general plastering a wall is fairly straightforward, although the plasterer will generally need to have a platform to work on to reach the top of the wall if they are not tall. Walls are a lot easier to plaster effectively than ceilings, simply because it is easier to access the wall and is not so tiring on arm muscles.

For the plasterer the ceilings can be a real challenge, particularly if the house is a converted warehouse or something similar that has a higher than usual ceiling stud. Plasterers Wellington can use specialised adjustable stilts for this part of the job, and in some cases can walk around safely on stilts that are a metre high, and work effectively under the ceiling without getting abnormal muscle  tiredness.

Very good plasterers are worth their weight in gold, simply because they work very efficiently and leave a very good finished job for the painters. Accordingly some plasterers can be earning very large sums, and they can be very busy hopping from job to job simply because their services are so much on demand by the builders. Plastering does not have a glamorous image, mainly because plasterers always end up at the end of every day with a lot of plaster on their clothes and face and hands,  but  it is a mistake to view the plaster covered plasterer comically. He is probably making a lot more money than you are.

Most of the plastering work in New Zealand is indoors, working with ceilings and walls. However there is a lot of plastering work required on some particular building cladding types, and on external concrete and concrete block walls.

Fossil Fuels in New Zealand

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Around 15% of the electricity supply for New Zealand use responsible fuel for generation, but 100% of Transport uses fossil fuel. New Zealand Imports virtually all it’s oil for refining and to transport fuel, and this has a major impact on New Zealand’s economy.

Ironically New Zealand could theoretically fuel all it’s transport needs from electricity with very little expansion required to the electricity supply, as there is a vast amount of surplus capacity in the hydroelectric system. This  excess capacity will further increase by about 30% when the aluminium smelter is decommissioned, which is inevitable given that it is nearly obsolete in terms of Technology.

The 15% of  New Zealand electricity supply that is generated using fossil fuels mostly use as coal but with some natural gas. In New Zealand Coal is very obviously a sunset industry, and the coal industry has lost virtually all it’s value over the last few years. The underground gas supplies are nearly exhausted as well. However the recent rapid development of solar and wind power overseas means that this form of renewable energy is very economic for  New Zealand, and indeed wind farms are a common sight around the country. Wind and Solar are very compelling economically if coupled up with utility scale battery storage, and it is totally  plausible net Wind and Solar Plus battery good replace the existing coal and gas fired power stations within the next decade or so. New Scientist magazine says that fossil fuel power plants are more deadly than nuclear power plants!

The electric vehicle market will grow explosively around the world within the next decade, and New Zealand we’ll see this explosive growth like any other country. The convenient aspect of the electric vehicle is that 95% of the recharging will take place overnight, which is when there is plenty of surplus power capacity in the network. Indeed, almost all of the recharging and necessary to satisfy all of New Zealand’s transport as a service needs can take place using the existing renewable how supplies, which means that New Zealand will be able to reduce it’s  oil Imports at a dramatic scale over the next decade or so. We will still need oil will certain products such as Plastics and roading material, that oil required for internal combustion will reduce to a tine % of its current level.

This massive reduction in oil Imports will take place at the same time as there’s a massive reduction  in the cost of Transport for the general population, and this will have a massively Positive Impact on the economic well-being of New Zealanders.

The one problem debt New Zealand does have is the very high power prices which are due to the Legacy cost of a power grid there has to serve a relatively small population then a long skinny country. Power companies are regulated, but right across the board they have been gathering Supernormal profits four decades. However the introduction of solar power for households and localised battery storage will mean they are out the power companies will not need to expand for up size the network, and this for me and that their costs will be a lot less and these will be able to be fed back to the consumers as lower power prices.