Top Mortgage Tips for First-Time Home Buyers Getting a mortgage is a major commitment, no doubt. It’s therefore important that you find the best deal possible if you are a first time home buyer. To get approved and qualify for a decent rate, you will need to be in good shape, financially speaking. This means there are a number of things you must be aware of before arranging the mortgage. Here’s a look at a few tips that should help you secure the best deal possible. Budget It’s vital that you take time to budget before you apply for a mortgage. First off, consider whether you can afford to pay back the amount you’re borrowing. Next, you’ll want to make sure that the amount you’re borrowing will be enough to cover the purchase of the property as well as the associated fees. Do you expect to have any problems with the monthly repayments. What you’ll need is a mortgage calculator to work out the math, so that you’re adequately prepared before going to see a lender.
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When trying to assess how much of a risk you are, two of the most important factor your lender will consider are your credit score and credit history. Before you apply for the mortgage, therefore, you’ll want to take a look at your credit report. Credit cards with high balances is the last thing your lender will want to see. So be sure to pay off your debts, or at least have these balances at a minimum. It also helps when you have no outstanding loans, such as when financing a new car. Having good credit is a demonstration to the lender of your ability to manage your finances well, and that increases your chances of getting approval. Loan term This is definitely of one of the most important considerations. While a 15-year loan may come at a lower interest rate, the monthly payments will be higher than if the repayment period was stretched over another 15 years. Taking a shorter-term loan would make sense if you can afford the large payments. Having a stable job matters It helps if you have a stable job, because most lenders need to see that you have been in a certain job for a good amount of time. So if you’re considering switching jobs, you may want to secure the mortgage first before going ahead. Most lenders will only consider applicants who’ve been in their current jobs for a minimum of 3 – 6 months. Keep in mind that one of the things they will require is proof of income. That means getting the relevant documents from your employer. You may also need to provide pay slips and bank statements for the last three months, so they can have a look at your earning and spending patterns.
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