Knowledge is power! So, when buying your first home it is essential that you have a basic knowledge of what to do, so that you can confidently sign on the dotted line!
Loan Monsters Tips for Purchasing Your First Home
Step 1: Can you afford the loan amount?
One of the First things you should plan for is if the Loan you are going for is something that you will be able to comfortably make payments on. Make sure that before you apply, you create a budget which includes all income received and outgoings. This will give you an idea of any surplus money you have and if you can afford the loan.
It’s also good to be aware of grants and incentives offered by the government that may assist with the purchase of your first home. A good mortgage broker should be aware of all the latest goverment grants and subsidies available and more.
Step 2: Research the area you want to buy a Home in!
Make sure you do your homework! Make time to search online for properties and compare recent sales that have occurred in the area you are interested purchasing in. This will give you an idea of how much of a loan you will need, and give you potential bargaining power during the sale.
Step 3: and When you’ve done that research- Research some more!
There is an abundance of literature and resources that can support you when purchasing your first home. To avoid confusion throughout the process, it is best to have researched the process, and ensure you understand the common terminology used by the industry. If you have questions, your mortgage broker at Loan Monster can assist. Having a good grasp on these things can avoid problems down the track.