How to Land Your First Mortgage

September 1, 2021 • Real Estate • Views: 906

Getting a foothold on the housing ladder isn’t easy! First, you need to find thousands of dollars from somewhere and then secure the home you want by dealing with lawyers, banks, and tons of paperwork. That said, it’s not impossible. Many examples of first-time buyers make it work through shrewd saving and working with a mortgage broker.  

Do your research 

Landing your first home takes a bit of planning! First, of course, you need to know the type of home you want, the area you want to live in, and the commuting times to your job – but you also need to know how much you can afford. 

Start with a mortgage calculator and work out how much loan you can afford to take out over a 25-year term. This will inform much of your home searching and the type of mortgage you choose. Make a list of must-haves, to begin with.   

Register to vote 

It might seem somewhat insignificant, but the small things count as well. For example, when you register to vote, it makes it easier for mortgage lenders to see that you’re legitimate and confirm your identity. If you aren’t registered, it might make things a little harder. 

Registering to vote is pretty simple, contact your local federal office and submit an application online. They will send you a confirmation that you’re registered in that province; mortgage lenders can access the same information. It also makes you eligible to vote.  

Save, save, save

Any mortgage requires an upfront fee in the form of a deposit; depending on the lender or the government’s scheme you sign up too this can be more or less. It is possible to get low deposit mortgages – as little as 5%, but the more deposit you pay, the less you pay back overall. 

Saving for a mortgage isn’t easy, so you need to get creative and think outside the box. A standing order every month is a good idea, so is a tax-free savings account. Think of ways you can reduce your current rent and ways to make some extra income. 

Get a mortgage broker 

Utilising local mortgage brokers is an excellent way to source the best mortgage deals and identify a mortgage type that suits you best. A mortgage broker is an expert who has access to a wide range of lenders; they can show you deals you won’t find elsewhere. 

That’s not all; you will save time, money and reduce your stress when finding a first-time mortgage with a broker. Contact The Mortgage Broker if you’re a first-time buyer for expert advice and service that’s completely tailored to your requirements. 

Get government schemes

Don’t forget to look into all your options when buying a home for the first time. Sure, you might be able to o go it alone and secure the home of your dreams, but do you really want to pay over the odds every month because you missed out on some free help? 

The housing ladder is increasingly difficult to get onto for first time buyers, and governments understand this. In response, they’ve put some mortgage deals into place that offers lower deposits or extra cash for saving.  

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