Are you and your family getting ready for your journey to homeownership? No worries! We might just be the right people to help you reach this milestone.
The process or even the thought of securing a home loan as a first home buyer can be intimidating and sometimes, overwhelming. There are steps and decisions that you have to carefully make, but with proper guidance from qualified people, it can be a fulfilling experience for you and your family. How? Like any long-term goal, being prepared for it is the key, so that you’ll know what to expect.
For starters, you have to understand your opportunities and limitations as a first-time homebuyer, before even starting to search for the perfect place to live. It's good to know that you don’t have to do this alone because your mortgage broker will be there to guide you.
Know how much you can borrow
Determining how much you can afford to borrow is a good starting point as it will help you refine your property search. The maximum amount one can borrow differs from lender to lender, however, the key factors they look at are your current financial obligations and income. Generally, your mortgage repayments should not exceed 30% of your gross pre-tax income.
You may find out your borrowing capacity for a home loan through our home loan calculators, a handy set of tools to help you visualise your loan repayment amounts and estimate your potential loan repayments.
Know how your broker can ultimately help you
Like what’s been said above, the process and steps of securing a house is an overwhelming thing to face alone. That is why having someone apart from your partner or trusted friends like a mortgage broker is one thing you should consider, especially if you’re a first homebuyer who can explain these steps, helping you make informed decisions.
Practically, mortgage brokers do all the research and negotiations to help you obtain a good amount of home loan and flawless settlement.
Bai Finance’s mortgage brokers can help you with our wide range of lenders and loan products as well as manage a significant portion of the admin tasks and legwork involved in the application process. All these and more will ultimately help you save precious time and reduce the stress that comes with your journey to homeownership.
Let’s get started! Fill out the enquiry form, and you’re a step closer to securing a home loan!
Comments