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Mortgage advice: All about first time buyers

Introduction

You’ve found the perfect home, but you’re not sure how to get started with the buying process. This is a common problem for first-time buyers, and one that can lead to serious headaches if you don’t know where to start. But we’re here to help! If you take care of your finances, find a great real estate agent and mortgage advisor, and do lots of research beforehand, you’ll be holding your keys in no time at all.

The first step for any first-time buyer is to research the process.

The first step for any first-time buyer is to research the process.

Researching the market, area and house that you want will help you make informed decisions about what kind of mortgage product to apply for as well as what price range your budget should be. Don’t forget your estate agent – they can advise on how much deposit will be needed, whether there are any legal issues surrounding the property and whether there are any planning permissions that need securing before exchange (this could add tens of thousands onto your sale price).

Getting your finances in order

  • Get your finances in order.
  • Understand what you can afford.
  • Determine how much you need to save for a deposit and first month’s rent.
  • Estimate how much more of a mortgage payment you can afford once the interest-only period is over and principal payments begin.

Finding the right area and real estate agent

With so many real estate agents out there, how do you go about choosing the right one? The first step is to consider the role that the agent will play in your life over the next few months.

A good real estate agent will be able to help you find an area that suits your needs and budget. He or she should also be able to guide you through the process of applying for a home loan, which can be a little confusing at times. Finally, if problems do arise (and they’re bound to at some point), it’s important for your agent to have experience dealing with difficult situations and people who might not be very pleasant!

Meeting with a mortgage broker

A mortgage broker is an independent professional who helps people find mortgages. They don’t work for any single lender, but instead network with various financial institutions and mortgage lenders to find the best products for their clients. They play an important role in helping first-time homebuyers understand the process and identify what type of mortgage will work best for them.

A mortgage broker can help you:

  • Understand the mortgage process
  • Find a product that’s right for your financial situation, needs, or goals (e.g., low or no down payment)
  • Get a better interest rate than what you may get on your own

Choosing a house

Choosing the right house can be a very stressful process. This is why it’s important to make sure that you are choosing something that meets your needs and is right for you. You should also look for a house that will make you happy, as well as one in a good area of town. Finally, make sure that your budget allows for the purchase of this new house!

Making an offer

  • What is an offer? An offer is the price you will pay for your home, which will be fixed for a period of time before it becomes negotiable again.
  • How do I make an offer? When you decide to buy a property, you’ll need to make an initial non-binding offer on it with the seller’s estate agent. This can either be in writing or verbally with them if they have offered an ‘open house’.
  • What happens if my offer isn’t accepted? If your initial offer isn’t accepted or countered by the seller within two weeks, then it’s considered withdrawn unless agreed otherwise by yourself and their estate agent (or any other interested parties).
  • What is countering an offer? If another party makes a higher bid than yours (known as counterbidding), then this could result in either: – Your current buyer withdrawing their acceptance of your original bid; or – Both bidders increasing their bids until one drops out. This can go back and forth between buyers several times before someone accepts at least one person’s final price point.

Getting Started on the Buying Process

The first step to buying a home is to research the process and get your finances in order. This will give you an idea of what’s involved and help ensure that you’re prepared for all of the steps ahead. The next steps include finding the right area, real estate agent, and mortgage broker who can guide you through the process. You’ll also need to choose a house before making an offer on it.

Once all these preparations are complete, it’s time to move on from just dreaming about owning your own home into actually doing so!

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