Many of us want to get ourselves on the first rung of the property ladder because we want to have a home that is our own and we want to be able to settle down and hopefully to bring up a small family. There are many people however who are not aware of what you have to go through in order to secure your first mortgage and it’s not as easy and straightforward as many would have you believe. You have probably been looking around at homes that are suitable for your purposes and you may have fallen in love with a few properties that you feel would be perfect for your new family. Other family members have probably been warning you about the pitfalls of taking out a mortgage and telling you what to look out for before you sign on the dotted line.
There is nothing worse than seeing a property that you feel would be perfect for you and your partner and then making your mortgage application to find that you are not suitable for such a loan and you have no idea why that is. This is why it is always best to turn to Ascot Mortgages because they will do all of the hard work for you so that you don’t have to. If this is your first foray into the mortgage world then there are some things that you need to prepare before you first apply for your mortgage. The following are just some of them.
- Get your credit report – This is information that is available to you and it is the one thing that the lender will do when you apply for a mortgage loan. They will check your credit and so it is important that you do as well so that you are going into this with your eyes wide open. There are different mortgage rates available to particular customers if they have better credit worthiness and so this is what you want to be aiming at. You want to be able to check that your credit report is in fact accurate and that your scores are as good as you expect them to be. If you have been living in a hotel outside your city, then this will affect your credit score.
- Be realistic – Everyone wants to get their dream home but don’t get too caught up in all and look at properties that you just know that you can’t afford. Many mortgage lenders will probably insist that you need to come up with at least 10 to 20% of the down payment before they will lend you the money and so if you don’t have the funds available then you need to adjust your
These are just two of the things that you need to consider and there are numerous more. It needs to be remembered that the larger the down payment that you can afford then the more options that you will have. It is also important that you understand the loan amounts and the rates that you’re going to be paying and to figure out how you’re going to pay off this mortgage over the next 25 to 35 years.