3 Pointers For A First Time Buyer Mortgage Loan In Victoria
A first time buyer who seeks a mortgage loan in the Victoria region may have a certain level of confusion when it comes to the various intricacies of the process. That's why we are here to offer a few helpful pointers that can point to a first time buyer mortgage loan in Victoria lender in the right direction.
Be sure to read on and learn more about the following pointers. They are designed to simplify the process and place a first time buyer in the driver's seat. By taking the time to educate ourselves before making a purchase of this magnitude, we are able to avoid the typical problems that tend to arise.
1) Strike While The Iron Is Hot
Many prospective homeowners do not realize that there are certain times of year when it is best to buy a home. While no one can ever time the market perfectly, it is important to speak with a professional broker and allow them to give out the lay of the land. For example, there are far more prospective homeowners on the market during the summer months and understandably so.
Think about it this way: moving in the winter is obviously that we would like to avoid, right? The other prospective homeowners in the region have the exact same thought. We may not want to move during certain seasons of the year but we can also maximize the value of our purchase by shopping for a new home during seasons of the year when others are not.
2) Have a Realistic Point of View
Having a realistic point of view is all about taking the time to learn more about our status before seeking a mortgage loan. We need to get real and know where we stand before potentially wasting the time and effort of a mortgage loan broker. If our credit scores are below 500, then we should not be reasonably expecting to receive any sort of mortgage loan agreement that is favorable.
On the other hand, applicants whose scores are over 500 have a wealth of options available to them and the higher our scores, the better the rate we will receive. If the applicant does not have a high credit score and does not have the ability to save money to cover the down payment and additional fees that will result? They are not ready to purchase a home.
3) Season The Funds
If the prospective homeowner is planning on borrowing the money for the down payment and additional fees from a friend or loved one, this is a plan that is doomed to failure. The funds that are going to be used for the purchase need to be properly seasoned in order to receive a proper mortgage loan rate. Otherwise, the applicant will be subjected to harsher scrutiny.
In order to season the funds that are used, they need to be placed in a bank account that is shown to the lender and they also need to remain untouched for a specific period of time. Know the conditions before applying.
First-time Buyer Mortgage Victoria