09:10 13 September 2013
Obtaining a mortgage is quite the involved process and for first-time home buyers the task can seem overwhelming. Some may have help from friends and family to navigate the world of mortgages, but more often than not they learn from the horror stories of what to avoid, rather than more helpful advice to make the process smoother.
There are a few ways that you can make your mortgage acquisition a little easier. First, find sources (the internet is a great place to begin) that can tell you about mortgages and homes. There are warning signs that you want to be aware of when looking at homes, as there are interesting things to know about financing such as how the fees and interest rates are calculated and whether or not it will look different when you sit down to sign paperwork.
You’ll no doubt find a slew of information to help you with your mortgage and home finding. Financing is the next involved step to tackle. There are different methods of funding home purchases and you definitely want to investigate any available options such the Help to buy scheme or what qualifies as a Heritage property.
If you’re a first-time home buyer, you might be willing to use all the funds in the mortgage that you were approved for, but the reality is that homeowners often find out about issues that need to be dealt with. You don’t want to spend so much on your mortgage that you can’t afford repairs after your monthly mortgage payment. Try to be conservative so that you will have funds in savings for replacing furniture, appliances, and fixing unexpected issues. Even if it is not required, it is in your best interest to hire someone who can inspect the quality of the home you want to purchase so you have a better idea of what issues you’ll encounter.