Preparation for Buying

Monday 11 Jan 2021

Before you even start looking for a house to buy, you need to review your finances to see how much of a down payment you can afford and how large a monthly mortgage payment you can handle.

Look at what fits into your budget, not what the lender says you can afford. If you are currently making a rent payment of $2000 a month and barely getting by, how could you expect a mortgage payment of that size with the added insurance and maintenance costs of owning a home? You have to go with what works for your budget and finances. Remember, you can always work your way up to a larger home over time.

In today's real estate market, sellers like to work with buyers who are pre-approved for a mortgage. Pre-approval means that you have submitted a complete loan application and that the lender has verified your information, checked your credit and determined how much mortgage you can borrow. When you are preapproved, the lender is saying that you can borrow a certain dollar amount.

This keeps you from a lot of stress worrying if you will be approved for a mortgage once you find your dream home. You already know what you can afford.

Take the time to prepare to buy a home before you even start looking, it will save you a lot of time and make the process much easier. 

First National Brown Plains specialise in all aspects of the real estate market including property management, selling and buying. Feel free to ring us at any time on………………or call into our friendly offices for a chat.