We at Ratebuzz will be there for you every step of the way. We’ll make sure you understand your alternatives, the first-time home-buying process, and when to enlist the help of the other professionals on your home-buying team.
At Ratebuzz, we begin by creating a personalized financial roadmap for you to follow throughout your first-time home purchase journey. This highly personalized strategy addresses your budgetary, lifestyle, and property requirements. Our goal is to ensure that your mortgage payments do not cause you excessive worry.
There are expenses associated with buying a house. Everything from legal fees to land transfer tax is included.
Mortgage payments minimize the interest owed on your loan while also lowering the principal amount owed. The majority of your payment will be assigned to interest charges throughout the first term of your initial mortgage. The opposite will occur by the end of your tenure.
In today’s competitive home market, a no-cost, no-obligation pre-approval affords you several advantages. You’ll know precisely how much you can afford to spend on your first house when you get a first time home buyer Mortgage Pre-approval. This allows you to bargain from a position of strength, knowing that if your offer is accepted, financing will not be an issue.
During the process of applying for a first time home buyer mortgage, it is common for first time house buyers to misinterpret a pre-approved as a full-approval, or simply an approval. A pre-approval is merely an estimate and not a guarantee. A pre-approval is a non-binding statement that you are qualified for a loan up to a certain amount.
An inspection and appraisal are critical components of the first home purchasing process, especially for first-time purchasers. Before making a bid or getting a deposit, you should conduct additional research on the house’s valuation. As the buyer, you are responsible for initiating the inspection process and must bear the costs.
First-time home purchasers should be aware that they may be required to pay a deposit in addition to the initial buying offer. A deposit shows the seller that you are a serious buyer in comparison to other buyers in the market who may be seeking for a no deposit property. This money will be applied to the overall cost of the house.
You’ve recently placed a deposit, now do you need to make a down payment? A widespread misperception among first-time home purchasers is that a deposit and a down payment are synonymous. There is, however, a significant distinction between the two. The deposit, often known as a security deposit, is an act of goodwill towards your vendor.
