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buying a home

Debt

Am I Eligible For A Home Loan?

It’s now harder than ever for young people to get on the property ladder. House prices are rising astronomically. They’re far outstripping the increase in wages. That means the gap is getting wider and wider for first-time buyers. It’s a difficult time to invest in property, and that’s why home loans are more important than ever.

The only question is, do you qualify for a home loan or mortgage? To answer that question, there are lots of factors to consider. You income, credit history, and your location all determine your eligibility. We’ll start by running through the basic questions that all mortgage lenders will ask. It should give you a rough idea of whether you could qualify for a loan.

Do you have a deposit saved up?

To purchase any property on the market, you need a deposit. Mortgage lenders unfortunately won’t even consider your application without a deposit. Typically, you’ll need between 5% and 20% of the house value just to get started. Many brokers ask for 10% minimum. This minimised the lender’s risk slightly, and proves that you can afford a substantial portion of the property. So, before you approach a mortgage advisor, make sure you know how much deposit you can afford.

September 8, 2015

General

Everything You Need To Know Before Choosing A Mortgage Broker

Purchasing a new home is a daunting task and if this is your first time buying a home, you may feel a bit overwhelmed. The mortgage industry can be hard to understand for a novice so it is important to work with a quality mortgage broker. Mortgage brokers can help you to fully understand just what you are getting in to. Most home loans will be set for 30 years so you must make sure you make the right decisions for your budget as well as long-term goals. When you work with a top-rated broker, you can feel secure in the fact that you are getting quality service and will have a proper mortgage for your new home. Below are a few tips to choosing the best broker for your needs.

November 20, 2014

General

5 Key Steps In The Home Buying Process

The prospect of buying a home fills most people with a giddy excitement. After all, this is a major purchase that will catapult you into adulthood. Of course, the thought of going into debt with this big-ticket item can also be a bit frightening, which is why you may want to take the steps necessary to prepare yourself before you actually start looking at homes on the market. What this entails, for the most part, is figuring out how to ensure that you spend your money wisely and find a home that is going to suit your needs for the foreseeable future. So here are just a few key strategies you’ll probably want to observe when you embark upon your mission to buy a home.

Make a list of must-haves. Before you set foot in any homes, you need to take the time to make a list of what you need to make a home livable, what you want, and what you don’t want in a property. Then you need to prioritize because chances are you’re not going to find a home that meets every requirement on your list. For example, you may be looking for a large yard, ample square footage, and a specific number of bedrooms and bathrooms, as well as amenities like a highly-ranked school district and proximity to your work. And it probably needs to fit in a price range. However, your priorities may be enough bedrooms for every family member and the top school district within a given geographic region. It’s important to understand the difference between what you want versus what you can’t live without.

April 13, 2014

Investing

Looking For A Home With Good Resale Value: 5 Things To Consider

When buying a home, most people are concerned with how a given property will suit the needs of their family. Some are concerned with square footage while others are seeking proximity to particular schools within a district. Some want a view while others prefer to have restaurants and shopping nearby. But one thing that few homeowners take into account when buying a home is the potential for resale value to increase. We all know that we will gain equity in property over time, provided we make our monthly mortgage payments, maintain the structure and grounds, and hold out for a seller’s market. But there’s no getting around the fact that certain home purchases are bound to show a greater return on investment over time for a variety of reasons. So here are just a few things you’ll want to think about when it comes to your home purchase and your prospects for future sale.

January 11, 2014

Debt

Down Payment Options For First Time Home Buyers

So, you are looking for a savvy way to put a down payment on a new home – where do you look first? Purchasing a home for the first time can be a big deal – a really big deal. Not only will this be the biggest purchase of your life, but it will also be the biggest decision of your life. If you have just gotten married, or you are thinking about starting a family, purchasing a home can be a great way to get some roots in the ground and start thinking about the future. When it comes to real estate, purchasing a home is a great place to put your money. However, if you don’ have the money for a down payment, there are a number of different options. Here are some down payment options for first-time home buyers.

One great place to start is with relatives. Chances are that if you just got married, your new extended family would be glad to chip in on a down payment for a new home. In fact, instead of setting up a wedding registry, you could set up a down payment fund that friends and family members can put money into. When it comes to getting the financing you need to purchase your new home, this can be a great way to get the starter home of your dreams.

Another place to look for loans is with tax refunds. If you work a steady job and have a decent annual salary, you could stand to make a pretty hefty tax refund at the end of the fiscal year. In fact, if your spouse makes the same amount of money, your combined tax refunds could be big enough to set yourselves up with a pretty handsome mortgage and your first home. Just make sure, though, that the down payment is big enough to make the monthly mortgage payments manageable.

October 24, 2013

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