Mortgage Help – Real Estate Pro Teaches Renters How To Buy Their First Home

February 23, 2021 Off By Crystal Watkins

There are 5 things to consider when purchasing a property as a first time home buyer. Before picking out your dream home, you need to know a bit about the mortgage process. The difference between qualifying for your first time home buyers loan, and not meeting just one of the qualifications, could leave you disappointed. However, there are different programs available to help you with your first home purchase.

When you work with a bank loan officer to procure a home loan, you are going to be severely limited in terms of options. On the flip side, a Ravenwood Services Remortgages broker can bring many exciting opportunities and possibilities to the table for you. Which course of action is right for you? Make a more informed decision by reading on below.

Have there been other parties that showed interest on the property? You need to know if there have been other offers from interested parties. This will give you a heads up regarding what the seller has turned down, allowing you to come up with a better and more irresistible offer. You can also try and ask your Mortgage broker about the lowest price from the previous offer. They might not be able to specifically tell you, but still they can give you a hint at the least.

You have probably heard the term “the lawyer who represents himself has a fool for a client.” Certainly the adage does not apply here as the Internet has made it possible to learn enough to become a true “do it yourself” mortgage expert.

But he/ she helps you in negotiating with the lender about the loan in an efficient way. He is an expert at negotiations. He knows what the best deals are for your current credit rating. If you are a first time mortgage buyer and do not know the basics of mortgage, it is wise to get a broker to help you out. He makes sure you get the deal that is beneficial for you.

Ask friends for recommendations or you can call agencies and offices. Discuss how much the fees are and the terms of payment. You might also want to know what their procedures are in finding the best homes and rates. Having more options will enable you to shorten your list of brokers when you know how they work for you. It is advisable to find one that follows the Privacy Act. This Act will keep the broker accountable to you by keeping your details confidential.

Start A Business – Starting a business and taking the cash flow from that business will help you pay off your mortgage faster that any other method. The average home based business made around $62,000.00 per year according to the Small Business Association. Lets just say you only bring in $30,000 part-time. If you just add $1000.00 extra per month to your mortgage from your business… you will pay off your mortgage in 13 years (based on a $300,000 loan amount and 7.5% interest rate). Plus with the home based business you will have expenses to write off and you may your tax advantages will increase greatly. Consult your tax advisor how well you will benefit.