Monday, October 11, 2021

Mortgage Loan Tips for First-Time Buyers

11 comments

Purchasing your first home is an exciting yet challenging process. The current economic climate has made it even more daunting than in the past, with many lenders tightening up their requirements for consumers. Only a decade ago, it was possible to obtain a mortgage with little to no deposit in some cases, but the credit crisis has changed lending criteria considerably. First-time buyers now are usually required to pay a 20% deposit of the property value, and have their financial standing closely scrutinized before they are able to close on a property. Before you start house-hunting, it’s worth taking some time to get organized. The following are a few tips that will help you get started.

Knowledge is Power

Before you meet with a mortgage lender, it’s helpful to assess your own situation so that you know your strengths and weaknesses. This will help prevent there being any surprises, and assist you with your ability to negotiate. Meeting with a firm like Lombard Odier that provides private financial planning services can help you get started with organizing your assets so that you can focus on your strengths. It’s also important to request a copy of your credit report, so that you know where you stand in terms of credit history.

Consider all Financing Options

It’s tempting to simply meet with your usual bank or accept the first offer that you receive. Yet there may be other options for first-time home-buyers that could better suit your circumstances. Federally-backed loans or loan options for those who don’t meet the 20% deposit requirement should be carefully assessed. You should have a better understanding of what you will be able to afford after meeting with professionals at a firm like Lombard Odier, so that you can keep your options open. The New-buy and Home-buy programs require lower deposits than a traditional mortgage loan, for example. Mortgage interest rates may vary between lenders, making it a good idea to shop around for the best deal.

Obtain a Home Inspection

You may think you’ve found your dream home, but before you close on the deal it’s important to obtain a home report to make an informed decision. This home inspection will assess the property to give you a full report regarding the home’s safety, condition, and quality. If there are any defects that are uncovered during this inspection, you can either use that as a bargaining tool or use it as a reason to get your deposit back and rescind your offer.

These are but a few of the various tips to keep in mind when you are shopping around for your first home. Navigating through all of the financial aspects of purchasing a home can be confusing, but with the help of qualified professionals it can be a painless step on the path to becoming a homeowner.

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