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Mortgage Glossary
First Time Buyer Mortgages
 
Year by year it is getting harder and harder for first time buyers to obtain a mortgage loan. Mortgage loans have become more difficult due to the rising house prices. Even if you are worried and desperate to purchase a house do not accept the first mortgage offer you get. You might be concerned that you haven’t saved enough money, or you can’t afford a loan on your own. Even if this is your case don’t give up hope, there is a solution for all, and there is a mortgage loan option suited to your income.

The biggest problem that first time buyers meet is the affordability issue.
Before committing yourself into a mortgage, you should carefully analyze the following matters: is it the best time for you to buy? Wouldn’t be smarter to wait and save for a little bit longer? Can you commit yourself to a mortgage rate? Can you afford it, considering your annual income, taxes and other expenses? You can choose which option fits you the most: share mortgage, guarantor mortgages. What you need is to get an impartial mortgage advice.

It is advisable to consult a first time buyer guide which helps you in planning, searching, buying and understanding the whole process of mortgage loans.

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The first step should be planning ahead. In order to convince lenders that you are well prepared, try to settle your goals, this might help you make a good impression and make it easier to obtain a mortgage loan. To be prepared you better work out a dynamic, solid saving balance, sort things out, cut your expenses, and apply for a Mortgage Specialist’s assistance. Together you can figure out your deposit and initial costs. You can do this also by using a mortgage calculator on the internet, which will help you to estimate your major costs.

The next step would be cutting your borrowings, by paying of the borrowings, and this way saving more money. It is to your personal benefit to keep track of your credit records, have a stable job, keep accurate information regarding your annual tax and personal income, keep copies about bank statements, and the last three months paycheck. After all this effort it is time to think about: What can you afford? As soon as you know what you are looking for your search is narrowed down, and you can avoid overstretching your budget. To make financial arrangements you must calculate the monthly budget. Family and friends can help work out the amount of money you need for the house you are going to have. Take this sum away from your income. Now you can see the money you have left for monthly mortgage payments. This way you might have some idea what the monthly cost are going to be. Taking all this in consideration it is time to decide what type and size of mortgage you can manage to pay for.

It is cautious to settle a price ceiling, the maximum you are willing to spend; besides it is one of the first questions of real estate agents and mortgage lenders. In this position time is money, the quicker you are, the better. Use time in your own advantage, renegotiating prices, making an offer, and find a mortgage lender as fast as possible. From many possibilities you have to choose the one that suits you the best: you can buy alone, or together with someone else and in some cases your family might help you out. Seek for professional counseling and you found your answers.

Buying a new house, which eventually becomes your home, brings up two major questions to be answered: what kind of house you want and where, what location? Your home would be flat, house or studio, how many bedrooms you want, should be an old or a new building, perfect condition or need to work on it, you want a home office or a children’s room, garage or parking places, garden or a simple terrace. The location brings up other questions: how close is to your work, how are the local schools, what is the neighborhood crime rate etc.

All this issues are strongly going to influence your future, so decision making it is not an easy task to do. Once you made up your mind look at what is available on the market, compare prices. You can do this by simply reading the local newspapers, search on the internet, or visit local real estate agencies.

Some tips that can help you while looking at properties: take someone with you, a second opinion is always welcomed, you can miss something and the other may notice and discuss it later. Visit the property twice, on another day and time. With all the arrangements done you can make an offer. First check your list: what is the maximum amount of money you can spend, negotiating.

Before the legal process you need to verify that everything that is in the contract is clear and there are no unknown terms. Make sure your mortgage is protected in case something happens to you: fall very ill or die, your family would be still safe. Get a full survey of the house, this might be extra cost, but it prepares you for possible future problems or necessary investments. With every mortgage contract you make a financial but also a legal commitment.

If you are looking for Indianapolis Homes For Sale and need an Indiana Mortgage, then the Indiana Mortgage Guy has 21 years of experience to help you.
If you live in the UK and are looking to buy your first property, try FindaProperty.com who have a range homes for first-time buyers.