Buying Your First Home and Getting a Mortgage For the First Time
Are you looking to buy your first property? Buying your first property can be a daunting task.
You need to arrange finance, find a bank, find a good house, read all the paper work, research the mortgage types.
The list goes on.
Ensure you are though when you consider the mortgage that is right for you.
Check out the different types and consider the fee and charges and the advantages of one type vs another type.
There are a lot to choose from and you should choose wisely as a lot of them have penalties for changing once you have started.
Also consider the interest rates for each home loan.
By the time you look at the fees and charges, the mortgage with the cheaper interest rate may not actually be the cheapest.
You should talk to your accountant and get the best monetary advice you can before jumping in head first.
You may need to spend a few hundred dollars to talk to them, but you could save thousands in the long run, so consider some good advice before you proceed.
When you have your pre-approval, then go ahead and find a home.
Remember to negotiate hard as everything is negotiable.
Never pay the full asking price and if you are buying in an auction in a hot market, you are paying too much.
Always provide your price in writing to the agent.
Giving an agent a verbal is the worst thing you can do as they are not obligated to give the price to the owner.
If it is in writing then they have to give the price to the owner and then you know the deal is honest.
Depending on how hot the market is in your area, be prepared to wait on your offers.
Remember that there is always another bargain around the corner, so don't get emotionally attached to any property.
Leave your emotions at home and negotiate with your head.
Do your research online when looking for a mortgage or tips on how to get a mortgage the easy way.
You need to arrange finance, find a bank, find a good house, read all the paper work, research the mortgage types.
The list goes on.
Ensure you are though when you consider the mortgage that is right for you.
Check out the different types and consider the fee and charges and the advantages of one type vs another type.
There are a lot to choose from and you should choose wisely as a lot of them have penalties for changing once you have started.
Also consider the interest rates for each home loan.
By the time you look at the fees and charges, the mortgage with the cheaper interest rate may not actually be the cheapest.
You should talk to your accountant and get the best monetary advice you can before jumping in head first.
You may need to spend a few hundred dollars to talk to them, but you could save thousands in the long run, so consider some good advice before you proceed.
When you have your pre-approval, then go ahead and find a home.
Remember to negotiate hard as everything is negotiable.
Never pay the full asking price and if you are buying in an auction in a hot market, you are paying too much.
Always provide your price in writing to the agent.
Giving an agent a verbal is the worst thing you can do as they are not obligated to give the price to the owner.
If it is in writing then they have to give the price to the owner and then you know the deal is honest.
Depending on how hot the market is in your area, be prepared to wait on your offers.
Remember that there is always another bargain around the corner, so don't get emotionally attached to any property.
Leave your emotions at home and negotiate with your head.
Do your research online when looking for a mortgage or tips on how to get a mortgage the easy way.
