Mortgage Solutions Group
Research You need to see what sort of houses are on the market, the rough price they are going for and how long they are taking to sell. This will help you to decide whether it is a good time to buy and how quickly you will need to move when you do find a home. Budget There is no point at looking at homes twice your budget! You need to see a mortgage broker and establish how much you are likely to be able to borrow. At this stage you do not want to apply for a mortgage; just know what you are likely to be able to get. Don’t forget you will need a 20% down payment.
Real Estate You now need to speak to the real estate agents and find out what properties they have which will meet your requirements. You can also look online and should go on their mailing lists. Look At Property This is definitely the fun stage! You can go and view each home you like. It is important to visualize yourself in the property and see how you would find it to live there. You should think about the location and access routes to your work.
Making An Offer Decide how much you are prepared or able to offer and then put in a bid. Don’t start at your maximum price; give yourself some room to negotiate. The realtor should help you with this. Mortgage Now your mortgage broker will need to apply for your mortgage. You will quickly receive a decision in principle which will confirm you have the available funds to complete the sale. The mortgage broker will deal with all the forms on your behalf and arrange for the funds to be ready when you need them.
Surveys It is normal to have surveys carried out to check the condition of the home and that the value is fair. You and the seller should get copies of all surveys completed. If this throws up any major issues you may need t speak to your realtor about adjusting your offer. Your mortgage broker can also help with this. Finish the Process Once all the paperwork has been completed and signed in all the right places your mortgage company will release the funds and you will be able to collect the keys.
Access to the Market They are likely to be able to access offers which are not available to the general public. Impartial You should choose a mortgage broker which is not attached to a specific lender. Solicitor Recommendation They should be able to direct you towards a good solicitor in the area. Reduce Stress They will chase up all the forms and guide you through completing and signing them; ensuring you know exactly what you are committing to at every stage of the process.
Advice From Friends It is highly likely that you have some friends that have already dealt with a mortgage broker. Review Online Armed with this knowledge you can now look at what other people are saying about your short list of brokers. Visit the Broker The next step is to visit at least 2 or 3 of the brokers you are considering. Products Offered A good mortgage broker will be able to offer you an attractive deal regardless of your current credit rating. Fees Many mortgage brokers will not charge you a fee; they will get commission from the mortgage lender.
Financial Advice Most mortgage brokers are also licensed to offer financial advice and this can be extremely beneficial to you. Commercial knowledge A good mortgage broker monitors the markets and knows what is happening. Insurance Policies It is worth seeing what they can offer and comparing it to the best an insurance broker has to offer; you might be pleasantly surprised.