Being a First Home Buyer is both an exciting and scary time. Our role is to help at every stage of the process. Some steps can be taken before the home ownership journey begins. Here are some great tips on getting prepared:
- Understand what you can afford: our role as a mortgage broker is to go through all aspects of the mortgage from repayments, interest rates and also future options that may be needed such as a mortgage holiday when children come along.
- A review of finances: knowing how your money is currently being spent is the first step towards creating a budget and therefore, determining how much you can afford in repayments.
- Reduce all debt and borrowings: If you are already juggling a lot of repayments, adding another one such as a mortgage to the mix can put you under additional financial pressure. Consider reducing your debt as quickly as possible, particularly if it is high interest credit card debt.
- Check out your credit history: if you have a history of late or missing repayments or possibly even defaults, it is a good idea to obtain a credit check on yourself before you go down the path of considering mortgage.
- Grow your savings: you are often required to have saved a deposit for your first home but even if the mortgage you are looking at does not require this, having regular savings sets you up for good habits.
At FinanceCorp, we can assist your client in exploring all of these options. We are always happy to work through specific items such as budgets, affordability, repayments and so forth.