Loans for First Time Homebuyers

Posted by sarabro on July 23rd, 2014

First time homebuyers are always a bit hesitant in the beginning, especially if they have to make a loan in order to become owners of their dream home. But a good mortgage broker will explain every detail and stand by their side to make the whole process flawless.

Becoming a homeowner is a dream that should be achieved by everyone, no matter if it is sooner or later. Having a place to call home gives you a sense of security and grants a better future for you and your family. Nevertheless, it is never easy to start the process, especially if you do not have the whole budget to afford a new home. But as long as you have an income, you have access to other opportunities that get you closer to your dream.

First time homebuyers have the possibility to apply for a mortgage in order to purchase their dream home. To find out if you are qualified for such a mortgage, you can consult with a mortgage broker first. After a short discussion with him, you will receive all the necessary information about the application procedure. Within no more than 24 hours you will already have a mortgage plan and a rate appropriate for you. Keep in mind that, at this point, your savings can come handy when you have to make the down payment. 

Further on, you will have to work with a good realtor to start your search for the perfect home. This process shouldn’t last for too long and that is the reason why you should find a professional real estate agent. He will also be the one that will negotiate for you the price of the estate. Make sure that you stay in your price range, which grants you that you will get your mortgage approval. Once you have found the perfect property, get back to your mortgage broker and bring him the requested documents.

The process from now on is straightforward, as you get to receive your mortgage approval. Don’t forget that before making the purchase, it is recommended to hire a property inspector in order to make sure that you receive the quality you expect. If the inspection is alright, you will sign the purchase documents and you will make a deposit that is usually equal to around 5% of the value of the real estate you have purchased.

The purchase is only completed a few days after, when you meet with your solicitor to sign all the documents required for the transaction. Once this step is followed, you are ready to move in your new home. Feel free to decorate it the way you want and bring your furniture to make it feel like home. As long as you have some good advisors by your side, nothing can go wrong!

It is absolutely normal for first time homebuyers to be scared when they make their first real estate purchase. But working with a good and reliable mortgage broker will help them understand the process better and see how to protect themselves.