Austral Mortgage Corporation offers competitive mortgage rates for both residential and commercial loans. We also provide easy to use mortgage calculators to help you take some of the guesswork out of your home loan and investment decisions. Check out our special First Home Buyer, debt consolidation and investment loan., Investment loan specialists - ask us how to structure your investment loan - better manage your investment cash flow - save on interest and costs - stay updated on tax decisions relevant to investment loans - build wealth. Especially if you are a First Home Buyer, we have one of the most competitive rates on the market.
One of the scariest things for the first home buyer to do is to start the process of finding their dream home. This can be one of the most exciting and frustrating times in a first home buyer’s life, but it is a necessary part to purchasing their home. When it comes to purchasing your first home the first home buyer needs to realize that the process should start months or even years before they contact their real estate agent. This is one of the largest purchases that anyone will make so there should be a great deal of planning and research involved in the process.
When it comes to the first home buyer the first steps are always to look at your personal finances and credit before you consider approaching a lending institution. It is important that the first home buyer is one of the most attractive applicants to a lending institution to guarantee that they are approved for their mortgage. The first steps to this process is always saving and checking your credit. While these two steps are usually overlooked by the first home buyer they really are the most important.
It is important that the first home buyer has a credit score of at least mid-700s or higher to ensure they are awarded the best interest rate possible. It is also essential that they are able to provide a ten to twenty percent down payment and show that they have a six to twelve month emergency fund. This will show the first home buyer’s lending institution that they are financially stable enough to pay back their mortgage, and in essence will be the key to securing the best loan possible for the purchase of their new home.
Once the first home buyer has their credit and savings in order then it is time to take a look at the personal finances to determine exactly how much they can afford. It is important that the monthly mortgage payment, insurance, and real estate taxes are at a level that can be comfortably paid, so owning a home will not become a hardship. One of the best ways to figure this is by using your existing rent payment as a guide. If you can comfortably make your monthly rent payment each month then your mortgage, taxes, and insurance should be equal to or less then what you are paying now.
The last step in this process before the house hunt begins is to approach your lending institution for pre-approval. This will help you look the most attractive for potential sellers and will give you an edge when you make an offer for your first home. It is important to take into consideration that when an agent present an offer on your behalf for a home, the seller wants a guarantee that you will not have to “back out” of the deal, because of lack of funding. The last step in this process is to find your dream home.
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