Getting your dream house is one of the satisfying events in everyone's life.
When it comes to buying a house, you should also aware that your are taking a huge burden on your shoulder in the form of debt. So it is imperative to look for a mortgage to suit your style of living and to save money.
When you decide to buy a house, you should have a careful consideration of the potential house based on your requirement. Since house is a long-term event you should give due consideration and think ahead in selecting a house. Similarly the mortgage also. It too stands before you for long term and identifying a mortgage carefully will save you time and money.
Let's put the key factors required to get your dream house:
Finalise what you want:
First and foremost thing is to decide on what you want? When it comes to house, what do you want is more important than what do you get? Decide on your requirements like location, size, structure, school etc. When you finalise your need, it is easier to locate a dream house.
Use the power of Internet:
Nowadays you can leverage the power of internet. Browse on real estate websites and search for the house based on your requirements. Real estate sites provides all the information such as nearest schools, colleges, shops, banks, emergencies etc. Once you short list the property, you can organise a time to inspect the property with real estate people.
Advantage of using a realtor:
An another alternative to the above is finding a realtor and discussing your requirement with them. They will display the houses available before you. They will also have some tie-up with the mortgage lenders, who will give the mortgage at a cheaper interest rate because of the reference. This could be a good comparison for you to select on the low interest mortgages. Have a cautious approach for the teasing offers and learn to read between lines.
Selecting a mortgage lender:
Once you finalise on the property, its now the time to search for mortgage lender. The best thing is to shop around. Since you are going to commit for huge amount of money, it is always better to do extensive comparisons. Ask quotations from banks, financial institutions, societies and online lenders. Compare the interest rates, fees (onetime and recurring fees) etc.
A few differences in interest rate or monthly fees will save a lot, since you are going to have ortgage for a long time (eg 10-20 years). Do your maths before deciding, if you are unsure ask your friends or relatives.
Know your down payments:
One of the important things when you go for a mortgage loan is the payment you make from your pocket. You have to pay registration cost, insurance, house inspection in addition to down payment. So the outflow from your pocket increases. Discuss all the relating cost before finalising the mortgage with the lender.
Do your maths and decide how much you want to borrow to avoid stress on your side.
Documentation:
Provide the basic documents to mortgage lender to decide on your application. If you can demonstrate the saving pattern with your bank statement, it will potentially reduce the mortgage insurance premium.
The final and important part is the documentation is settlement. It is always better to have solicitor for settlement of the property. Even though it cost, it will overweigh the advantage than disadvantages.
The article discussed above is some of the basic elements required in getting your dream house. But is not restricted to the above. Be a proud owner of your dream house.
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