Got bad credit but still trying hard to get a home mortgage? Advantage Mortgage Lending should be able to help you. But before you jump into a mortgage or other loan agreement, here are some useful home buyer advice and tips for you.
START SAVING: Do you have enough money saved to cover your deposit and closing cost?
Get qualified for a mortgage: Shop around for a mortgage. Visit the building societies, banks, credit unions and explore all options. Find out how large a loan you qualify for – explore with most mortgage providers all loan options and decide what is best for you. If all else fails, just know that there are useful available, for example if you wanted to get a construction mortgage loan.
Get pre-approved: it is important to get pre-approved by your mortgage provider so that when you identify a property that you like, you will be able to act immediately.
Calculate the cost of home ownership: Factor in costs for property taxes, insurance, utilities, maintenance.
Contact a real estate broker: Find an experienced real estate agent/broker, who will find your ideal home and guide you through the process of purchasing your first home.
Look for low down payment / low LTV financing options.
COMMON MISTAKES MADE BY HOME BUYERS
The home buyer does not act quickly to make a decision once he/she identifies a home that he/she likes and someone else buys the home before he/she does.
Buyers do not do enough to make their offer look attractive to the seller. Through your real estate agent, let the seller know how you intend to pay for the property. Apart from the deposit, do you have the cash that will go towards the purchase and how much, if any, will be on mortgage?
PREPARTION FOR HOME OWNERSHIP
The home buyer should think about resale before they buy/invest in a property – remember location is key. Even though it may be your first home, it is a huge investment and the home buyer should consider making a return on his/her investment, in the event that the property has to be sold in the future.
Don’t ask for too many opinions – too many ideas from too many people will make the decision harder to make. Focus on the needs of your immediate family.
Accept that no house is prefect. Focus on the things that are important – proximity to work, schools, church, public transportation, etc.
REASON WHY YOU SHOULD OWN YOUR HOME
Building equity: Money pay for rent is money you will never see again, but mortgage payments allow you to build equity in your home. Unlike rent, your fixed-rate mortgage payments are ready-made payments, and if the home is properly maintained, when you sell, you will reap big rewards.
Stability: Living in one neighbourhood for a long period gives you a chance to take part in community activities and allows your children to establish lasting friendships.
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