Why First Home Buyers Should Use a Mortgage Adviser
First home buyers often ask if it’s worthwhile using a mortgage adviser and whether obtaining pre-approved finance is a good idea.
They want to know the benefits of going through the process.
Here are my top Nine reasons why first home buyers should use a mortgage adviser and obtain pre-approval for a home loan:
1. Mortgage Application – A pre-approved home loan is part of our 6-step process to obtaining the property of your dreams and the associated finance that’s suits your requirements now and into the foreseeable future.
2. Be Prepared – Having a pre-approved home loan will establish your buying power before you go out looking at property. It will often set you in front of and give you a distinct advantage over other potential buyers.
3. Serious Buyer – It shows real estate agents and sellers that you’re serious about buying. They will look to put your name and offer forward to prospective sellers in the market. It also sets you up to bid at auctions and tenders.
4. No Obligation – A conditional home loan pre-approval is free and there’s no obligation – there’s no associated fees or signatures required.
5. Gain Confidence – Helps you gain confidence knowing that you are ready to bid at auction, tender or negotiate a purchase price.
6.Understand the Process Early – Get to know what is involved with house hunting, pre-purchase, pre-settlement, and post-settlement processes upfront so there are no surprises and you’re fully informed.
7. Realise the Choices Available – sitting with a mortgage broker is like sitting in front of 20 plus banks and 100’s of product options. The good news is we help tailor the absolute best option for you.
8. Saves Time – this is what we a good at. We become your advocate and deal with the banks, lawyers, valuers, building inspectors and ensure the right information is in the right place at the right time, so the right decision can be made.
9. Avoid Disappointment – There are a lot of factors that will dictate if you can move forward with your house purchase – incomes, current debt levels, credit history, savings, family assistance, type of property, condition of property, location of property, zoning of property. We will go through all of these at the beginning, so you know exactly where you are at.
2. Be Prepared – Having a pre-approved home loan will establish your buying power before you go out looking at property. It will often set you in front of and give you a distinct advantage over other potential buyers.
3. Serious Buyer – It shows real estate agents and sellers that you’re serious about buying. They will look to put your name and offer forward to prospective sellers in the market. It also sets you up to bid at auctions and tenders.
4. No Obligation – A conditional home loan pre-approval is free and there’s no obligation – there’s no associated fees or signatures required.
5. Gain Confidence – Helps you gain confidence knowing that you are ready to bid at auction, tender or negotiate a purchase price.
6.Understand the Process Early – Get to know what is involved with house hunting, pre-purchase, pre-settlement, and post-settlement processes upfront so there are no surprises and you’re fully informed.
7. Realise the Choices Available – sitting with a mortgage broker is like sitting in front of 20 plus banks and 100’s of product options. The good news is we help tailor the absolute best option for you.
8. Saves Time – this is what we a good at. We become your advocate and deal with the banks, lawyers, valuers, building inspectors and ensure the right information is in the right place at the right time, so the right decision can be made.
9. Avoid Disappointment – There are a lot of factors that will dictate if you can move forward with your house purchase – incomes, current debt levels, credit history, savings, family assistance, type of property, condition of property, location of property, zoning of property. We will go through all of these at the beginning, so you know exactly where you are at.
Disclaimer – Pre-approved finance will normally be conditional on your income & employment
situation not changing, the property being acceptable security to the lender in all respects (I can help you with this) and meeting the lender credit criteria.
What Are the Steps to By a New Home?
There’s a lot to think about and remember when you’re buying your first home – so here’s a quick checklist covering the main points.
Finding a home
- Decide what sort of areas you’re interested in and check them out.
- Make a list of everything you’d like in a home.
- Gather details about your income, expenses, and savings.
- Talk to your Mortgage Broker about your plans – get pre-approved
- Get a feel for the market – read the papers, talk with several agents.
- Find a good lawyer early on
- Look at as many homes as you can
Before making your offer
- Register your interest early if the place is being sold by auction or tender.
- Talk with your broker again – check the conditions needed in your offer.
- Do a thorough check of the property – use the checklist in this guide.
- Ask the agent as many questions as you can – suggestions in this guide
- Check the council records including the property pack (holds information regarding plans, permits etc)
- Talk with your lawyer about your offer (or the auction or tender documents).
Once your offer is accepted
- Pay a deposit on the property to the real estate agent.
- Give a copy of the sale and purchase agreement to your lawyer and your broker
- Decide what sort of home loan and loan mix you’d like– discuss with your broker
- Arrange for a valuation report, building report or engineer’s reports if required
- Apply for a LIM report and check the district plan (your lawyer usually does this).
- Arrange for home & Personal Risk Insurance
- Make a time with the lawyer to sign mortgage papers.
- Your broker will co-ordinate an appointment with the new lender.
- Set up any new bank accounts and automatic payments needed.
At settlement time
- Arrange for the money you’re paying yourself to be ready on settlement day.
- Do a pre-settlement check of the property.
- On settlement day check with your lawyer that everything is going ahead.
- Make sure you get a copy of the title showing you as the new owner.
- Check your loan and insurance payments are going out as expected.
Arranging the move
- Give your landlord notice & apply to get your bond back.
- Get quotes from several moving companies.
- Arrange a moving in time with the last owners.
- Contact power, gas, phone, and television companies.
- Redirect your mail and send change of address cards.
