A guide for first time buyers

Are you a first-time home buyer feeling overwhelmed by the process?

Don't worry, you're not alone. Buying a home is a big decision, and it can be confusing, but with the right guidance, it can be a smooth process. Here's a guide to help you through it.

Check your credit score

Your credit score is a crucial factor in getting approved for a mortgage. The higher your score, the better your chances are of getting approved and getting a lower interest rate. You can get a free copy of your credit report using the link below:

Download your FREE Credit Report HERE

Determine your budget

Before you start house hunting, it's crucial to determine how much house you can afford. A good rule of thumb is that your monthly mortgage payment should be around a third of your gross monthly income. There are various online mortgage calculators you can use to determine your estimated monthly payment based on different home prices and interest rates.

Get pre-approved for a mortgage

Getting pre-approved for a mortgage can help you determine your budget and make your home search easier. It's a good idea to shop around and find the best mortgage rates and terms for your situation. A mortgage advisor can help you compare options and find the best mortgage for you.

Get your research in there

Take the time to search online on websites like 'rightmove' etc. to find a property suitable for you. Get a good idea of a budget and filter through your options.

Search for homes

Once you've determined your budget, gotten pre-approved for a mortgage, and found a real estate agent, it's time to start searching for homes. Your agent can help you find homes that fit your criteria and schedule showings.

Make an offer

When you find a home you like, you'll make an offer to the seller. Your agent can help you negotiate the purchase price and terms of the sale.

Get a home inspection

Before closing on the home, it's crucial to get a home inspection. A home inspector will examine the home for any defects, damages, or issues that may affect the value or safety of the property. If any issues are found, you can negotiate with the seller to have them repaired or ask for a lower purchase price.

Close on the home

After the inspection and negotiation process, the final step is to close on the home. This involves signing paperwork, paying closing costs, and receiving the keys to your new home.

Buying your first home may seem daunting, but it doesn't have to be. With the right guidance and preparation, you can make the process as smooth and stress-free as possible. Contact our mortgage advisory service to learn more about how we can help you through the homebuying process.