What Every First Home Buyer Should Know

Upon first arrival into the world of home loans, the best path to follow may not always be clear. It is therefore important to arm yourself with a few key pieces of information from which to go on.

Speak to a mortgage broker

First home buyers would benefit most from a chat with a local mortgage broker. As home loans experts, these professionals can help you to take stock of your finances and work out how much money you need to borrow, how much you can borrow and how much you should borrow!

Evaluating your credit history, income level and everyday expenses can help you to zone in on a home loan strategy that is suitable for your personal circumstances.

Prepare for the extra costs

Even if you have scrimped and saved for a home loan deposit, it is important to take note of all of the extra costs associated with buying property.

Conveyance fees, stamp duty and real estate taxes are only a few. These costs can be significant so it is important to include them in your budget.

Plan for the mortgage

Beyond the down payment and the initial selling costs, a mortgage is a long term commitment. Before signing on the dotted line, make sure you have a payment plan in place well before the monthly dues start coming in.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.