A guide for first time buyers
A guide for first time buyers
Are you a first-time home buyer feeling overwhelmed by the process?
Don't worry, you're not alone. Buying a home is a big decision, and it can be confusing, but with the right guidance, it can be a smooth process. Here's a guide to help you through it.
Check your credit score
Your credit score is a crucial factor in getting approved for a mortgage. The higher your score, the better your chances are of getting approved and getting a lower interest rate. You can get a free copy of your credit report using the link below:
Download your FREE Credit Report HERE
Determine your budget
Before you start house hunting, it's crucial to determine how much house you can afford. A good rule of thumb is that your monthly mortgage payment should be around a third of your gross monthly income. There are various online mortgage calculators you can use to determine your estimated monthly payment based on different home prices and interest rates.
Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you determine your budget and make your home search easier. It's a good idea to shop around and find the best mortgage rates and terms for your situation. A mortgage advisor can help you compare options and find the best mortgage for you.
Get your research in there
Take the time to search online on websites like 'rightmove' etc. to find a property suitable for you. Get a good idea of a budget and filter through your options.
Search for homes
Once you've determined your budget, gotten pre-approved for a mortgage, and found a real estate agent, it's time to start searching for homes. Your agent can help you find homes that fit your criteria and schedule showings.
Make an offer
When you find a home you like, you'll make an offer to the seller. Your agent can help you negotiate the purchase price and terms of the sale.
Get a home inspection
Before closing on the home, it's crucial to get a home inspection. A home inspector will examine the home for any defects, damages, or issues that may affect the value or safety of the property. If any issues are found, you can negotiate with the seller to have them repaired or ask for a lower purchase price.
Close on the home
After the inspection and negotiation process, the final step is to close on the home. This involves signing paperwork, paying closing costs, and receiving the keys to your new home.
Buying your first home may seem daunting, but it doesn't have to be. With the right guidance and preparation, you can make the process as smooth and stress-free as possible. Contact our mortgage advisory service to learn more about how we can help you through the homebuying process.
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Unicorn Commercial Finance is a trading name of Unicorn Commercial Broker Limited
Co reg no: 11842350. Unicorn Commercial Broker Limited is a subsidiary of Unicorn Financial Services Limited 14244108. Registered address: 46b Hartburn Village, Stockton on Tees, TS18 5DS
Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement