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Buy It

So, you have owned your home for a while and thinking about purchasing another home? Perhaps a change of lifestyle? An upgrade to a larger home or the desire to live more minimalist - or maybe you are in a position to purchase that second home you've always dreamed of in that special vacation spot meant for you. No matter what your circumstances are, we are here to assist you Buy It!

Here are some questions/considerations you should ask yourself before you consider selling your home and buying another:

 

Do you need to sell your home first in order to purchase another home?

If you do, you can sign a conditional contract, meaning you have an agreement to sell your home first before buying another home. Another option, if you are not in a rush, is to sell your home and rent until you are ready to buy something else. Maybe you don't need to sell your home at all and would like to look at the option of keeping your home as an investment property with a rent return to help with the mortgage repayments. 


What are the interest rates? 

We will help you find the lowest rate available! Low rates are a great time to purchase another home


Have you paid down your mortgage faster?

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams


What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan
  • Home improvements
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan 
  • Home improvements 
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

How to pay down your mortgage faster

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

  �  Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams

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Simple Mortgage Calculator:

How much are you borrowing?

Over how many years?

At what Interest Rate?

The Mortgage Process

Pre-qualification

Work out how much you can afford to borrow.

Pre-Approval

Gather information & paperwork to obtain a pre-approval

Figure out where to buy

Start looking for a home and make an offer conditional to finance. Think about any other conditions you may like to put on your Sale and Purchase Agreement such as builders report, Registered Valuation and a move in date

Finalise all conditions to purchase

Finalise finance, arrange inspections and valuations as required

Going unconditional

make sure you are happy with the above inspections and reports, if so, then you are ready to unconditionally purchase this property

Closing

Talk to us about the best ways to pay off your mortgage and chat about how risk insurance may benefit you

  • First Home

    Let us get you into your first home

    Few things are more exciting than purchasing your first home. There's a pride and independence that one feels when there's a place to lay their head at night and it's all theirs. Say goodbye to all the rental money that disappears into the abyss and say hello towards payments that truly go toward your future investment-your home. There are a plethora of things you need to know before jumping into homeownership, and we at Own It Mortgages are here to assist you in any way we can. First, let's provide you with all the pertinent information you need to know about being a first time buyer. 

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  • Buy It

    So, you have owned your home for a while and thinking about purchasing another home? Perhaps a change of lifestyle? An upgrade to a larger home or the desire to live more minimalist - or maybe you are in a position to purchase that second home you've always dreamed of in that special vacation spot meant for you. No matter what your circumstances are, we are here to assist you Buy It!

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  • Build It

    A key advantage of building your home is that you get to choose the features and final additions that suit your needs, style, and preference. Nevertheless, while the prospect of creating your dream home from scratch appears exciting, the challenge of finding the right financing solution cannot be overlooked. Are you a first time home builder confused about the building process and the various lending practices involved? Well, worry no more, as we are here to keep you informed and educated on all the latest trends on building a new home. 

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  • Refinance It

    Refinancing simply means paying off your original mortgage and replacing it with a new one. If you are a homeowner, refinancing your mortgage can be a real money-saving strategy. Most banks offer a range of cash incentives to entice customers to refinance. In some cases, these incentives will cover costs of breaking the current mortgage and legal fees with possible surplus cash for you. So you may end up with a better interest rate and a little more cash. Talk to us and see if there are savings to be made.

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What do our clients think?

  • Christine

    'We were running a business and decided to buy a house for our own living. The bank we were with didn't make any effort to assist us in achieving our goals and we got very frustrated with them. Then we remembered Lorna the lovely lady who assisted us in obtaining finance for our business. 

    Lorna put many options in front of us. We don't live in Rotorua so all of this was done via email and phone calls.  We then asked for a meeting in which Lorna carefully went through the options until we found the one that best met our needs. This could have all done by distance but we were keen to meet up with Lorna because she is pleasant to be around with her great sense of humour and high level of energy. 

    Throughout the process we found Lorna efficient, practical and knowledgeable and her suggestions showed her depth of knowledge within the financial field. I particularly appreciated the constant contact that Lorna maintained, which was the opposite of our bank. 

    The very best thing was that we saved money by getting better interest rates and an all round better deal, one we could not have brokered ourselves. Proving it's worth having an expert to help. 

    We changed banks, which is not easy with a business, but it was a smooth process with Lorna guiding us all the way and we are happily working with our new bank. 

    When our mortgages come up for renewal you can guess who we are going to call first to see if we are getting a good deal. Yes, of course, it is Lorna Harris financier extraordinaire and all round nice person, thanks for everything Lorna. 

    Christine Brasell
    Te Aroha Motel

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