Buying Your First Home? Home Loan Mortgage Brokers Supply Top Tips To Get You Started
Buying your first home is such an exciting time. But it is also a little frightening to enter into this long-term financial commitment.So, here are some top tips from experienced home loan mortgage brokers to help ease you into the process and give you an idea of what to expect.
- Analyse Your Finances
This might seem like stating the obvious, but it is essential to understand your financial position when deciding to buy your first home. If you are unsure of how to calculate the financial implications of a home loan, mortgage brokers often have borrowing power calculators available on their websites.You will need to enter your current financial commitments and income streams. The calculator will return a possible amount you can borrow based on current interest rates and repayment options.This information will give you a good sense of your financial commitments in the future.
- Engage The Services Of A Home Loan Mortgage Broker
It is never too early to secure the services of a home loan mortgage broker. They will be able to guide you through the whole process and give your excellent advice along the way.Remember that your home loan mortgage broker has established relationships with all the banks and lending institutions, so they can “shop around” on your behalf for the best loan deal available.
- Ask Your Home Loan Mortgage Broker About Pre-Approval
Before you start looking for a home to buy, you can consider a pre-approval option. This means you secure advance approval from the bank or lending institution for a specific loan amount. This way, you will know your price range when searching for that perfect first home.You will also be able to put in an offer very quickly once you have made your decision, helping you secure your ideal new property.
- Make A List Of Requirements For You New Home
Now you are ready to start house hunting. Be sure to put together a list of the things necessary for you in your new home to help you narrow the search. Answer these questions to help create your list:
- Location: Is it close to work, schools, family and friends? Is the neighbourhood safe?
- Size: What is the minimum space requirement for you and your family? Is there space to grow if your family grows?
- Price: Is the property good value for money? What is the condition of the home? Will it require a lot of initial repairs? What will it cost to maintain this property?
Contact Total Mortgages today for more top advice on buying your first home. Our home loan mortgage brokers are waiting to guide you through the process and get you the best deal on the market. Check out our online application process that can get you started today.