If you are planning to buy your first home this 2023, you have to know some basic tips in order to get the best deals and to save your money. A mortgage broker can help you prepare for purchasing a home that’s perfect for you. If you’re not yet ready to buy now, keep these tips because we’re sure you’ll need these in the future:
1. Know how much you need for as deposit. It’s a myth you need a 20% deposit. By saving a 5% and taking advantage of government schemes it will get you into your property sooner and save you thousands of dollars in lenders mortgage insurance fees.
2. Close your consumer debt such as afterpays, zippay credit cards etc. Then revert the funds you would have spent into your deposit saving plan.
3. Get pre-approved: Get a pre-approval letter from a lender to show sellers you're a serious buyer and you will have confidence the bank will lend you the required funds
4. Speak with a local mortgage broker to get the best mortgage rate: They will compare mortgage rates and terms from multiple lenders to find the best deal. This alone will save you tens of thousands of dollars
5. Speak with a good real estate agent: A good agent can help you find the right home give you great insights for your local market. This will help you look for the right properties and not overpay.
6. Consider all costs: Don't forget about closing costs, property taxes, insurance, and other ongoing expenses when buying a home.
7. Get a home inspection: Hire a professional inspector to check for any potential problems with the home.
If you’re eyeing a home in Bathurst, Sparks Finance is one of the trusted mortgage brokers in town. We are helping first home buyers buy their first property by finding the right loan for them and providing step by step guidance throughout the process. Don’t hesitate to contact us for help.
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