February 03, 2015
When you’re facing the challenge of buying your first home, you are bound to experience a wide range of emotions from the sheer excitement of finding your ideal property to the stress-filled time of applying for a mortgage.
Yet, it pays to be well prepared and armed for the mortgage mission! Here’s a number of ways you can smooth over that rollercoaster ride of emotions to make it more manageable and perhaps even enjoyable
Saving the deposit = excited
When you’re saving to buy a home, you’ll no doubt be excited at the prospect of being able to buy property sooner rather than later. So to make sure you continue to feel excited throughout the entire savings journey (unfortunately it can take quite a while to save a home deposit), it’s a good idea to set in place a savings target and build a budget that will help you get to that target faster than you thought.
Exploring your home loan options = confused, overwhelmed
So you’ve ticked off ‘save for a deposit’ from your to do list, now it’s time to officially start your home buying journey. This is where some of the bigger decisions start to take form and trigger everything from giddy excitement through to anxiety. While buying a home is exciting, researching, comparing and picking the right home and the right mortgage for your needs can leave you feeling a little overwhelmed and anxious.
Finding the right home loan for your needs is a crucial step in any home buying journey and with literally hundreds of different home loan products on the market, it’s pretty easy to feel confused and overwhelmed. This is where a quality mortgage broker can make all the difference. A mortgage broker can guide you step by step through the home buying process and help you find the best home loan to suit your needs.
Finding the right property = stress, joy, excitement
Once you’ve worked out what you can borrow and what type of home loan may be best suited to your needs, it is time to find and buy your property. Finding the right home can prove a stressful task, especially if you don’t have unlimited funds. Thankfully, this process is also incredibly exciting, so make sure you take the time to enjoy the process of finding your new home. To make it easier, make a list of property “must haves” that fit within your budget and only inspect these properties. You can also put your name down at various real estates and ask them to call you when the kind of property you are looking is listed on the market. This way you may be able to get a head start at looking at a property before anyone else does.
Signing the contract = worry, jubilation
Once you have found a suitable property it is important to go through the contract with a fine tooth comb and make sure that there is enough time built in for things like pest and building inspections. If you’ll be making an offer on the property as opposed to trying to buy it at auction, make sure you check to see if the contract includes a cooling off period and/or subject to finance clause. It’s also good to make sure that settlement period suits you and your current living arrangements. Your solicitor or conveyancer can help with this step and can help you request changes to the contract of sale.
Settlement = joy
Congratulations – you officially own your own home! There’s no real surprises with how you’re feeling now, once settlement day arrives you’ll be filled with pride and joy. However, just make sure you approach everything with eyes wide open. Scout around for the best removalist deal and set yourself a manageable budget which includes your new mortgage repayments. Knowing you can easily afford your new property will help you to enjoy it all the more.
Would you like to get yourself on the path of home ownership? Chat with Rob Lees from Mortgage Choice Blaxland and Penrith today and get some expert advice. Phone 4739 9749 or email firstname.lastname@example.org