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Tips For First Home Buyers On Getting Home Loans
Buying your first home will likely be the biggest and most
important purchase you will ever make. It can be a very stressful
and may even leave you sleepless for nights on end wondering
whether you are making the right decision - especially where
choosing the right home loan is concerned.
With all the other questions that tug at first time home
buyers, the question of finding their deposit and obtaining the
right mortgage are probably the ones that claim the most
attention.
There are a number of different resources that first time
homebuyers can consult in order to find some guidance; from
financial institutions, government offices, books and the
internet there is wealth of information just waiting to be had.
However, there are a few things that first time home buyers
should keep in mind when shopping around for the right home
loan.
Determine just how much house you can comfortably afford.
There are online calculators that can help you get a general
estimate of what a lender might give you.
However, you should also consider your existing debt, your
living expenses and closing costs when trying to establish what
your budget should be.
Get your deposit together and find out if you are eligible for
the First Time Home Buyer's grant offered to people who have
never purchase or owned a home or property. You may check this on
governmental website - http://www.firsthome.gov.au.
You should try to get at least ten percent of your projected
budget's price as a deposit if you want to avoid paying lender's
insurance on top of your mortgage.
First time home buyers should not feel pressured into making
any snap decisions by lenders who use scare tactics to frighten
them. Instead, they should shop around to find out what the
current interest rates are, who is offering the best deals and
just how flexible are the terms.
You should never sign anything without first understanding
your mortgage agreement. Find out if there are any penalties for
extra payments.
Find out how the interest on the loan is calculated. If you
have chosen a variable loan find out the length of each
adjustment period. Find out how much of your monthly payments
will be covering the interest and how much will go towards the
capital.
As long as you do your research and find out as much as you
can before making any decision, you can take much of the stress
and worry out of this very important time in your life.
Special Loans (http://www.special-loans.com)
specialises in providing secured finance where banks will not. If
you have credit problems, are fully employed or self-employed,
have income issues or employment issues, we have the best
solution for you! We provide Non-conforming home loans offering
wholesale home loan rates as well as Standard Home Loans,
unsecured personal loans, refinance products.
http://www.special-loans.com
MORE RESOURCES updated Tue. June / 06 / 2023
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