Getting your first home is without a doubt the biggest financial commitment you will make in your life. And if you don't do it right it could be the one decision that will make you go broke. This can happen within the first year of getting your mortgage. To avoid this mistake and others use the tips below to help you get the best deal possible.
What Do Your Finances Say About You?
Mortgage or home loan lenders will also look for those who have a good income to debt ratio. Is that you? Or do you earn less money than you spend? Don't worry this is typical for most people and typically young couples. First things first, get your current financial spending habits under control. This is really important because those that spend less than they earn are able to get far better mortgage deals than those who don't. You can usually get a free budget adviser to look at your situation. They are pretty good at finding ways for you to save more money without too much sacrifice. Some of those reality t.v. programs based on saving or getting your first home loan are pretty good too. And I'm sure you can find good advice online in that respect.
Who's Going To Pay For Your Mortgage?
When you get your finances in order, you can start looking for your first home. Now make sure over and above all that you both look for a home that can be repaid on one income. Many couples will mortgage themselves up to the eyeballs based on both incomes. At some stage you'll probably have children, this in turn means you'll only have one income for a short or long term period of time. Obviously this depends on the amount of maternity leave you take. But you can be assured that in most cases once you have a baby you won't want to go back to the work force as soon as you originally thought. This will create so much financial pressure which could effect your marriage as well.
Get Someone Else To Do The Ground Work
Once you have found your dream home, you need to shop around for some home loan quotes. Make sure you get several quotes. This may be time consuming but it will be worth your while. By seeking home loan quotes you can generally acquire a much better rate with benefits and additional features. Such as mortgage holidays should you become ill or unemployed. Or flexibility in repayments should you wish to renovate your home. Mortgage brokers are helpful in this situation because they will do all the running around for you. The best news of all is that they get paid by the financial lender who accepts you both as clients. One less expense for you. Before you seek the advice of a mortgage broker do check whether or not they will charge you a fee for their services.
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