Different types of mortgages quickly overwhelm first time home buyers. Before you know it you are being bombarded with all kinds of advice and opinions. Throw in the financial services and you want to give up. So how do you travel through the maze of buying a home?
First, get some sound free advice. The company should not charge you for advice. They are there to help you through the process. If they want to charge you, then it may not be the best advice.
Next, decide how much you can afford to borrow. Be realistic on how much you can pay on a mortgage each month. Then look for houses in your price range.
Once you find a house, find a broker that deals in mortgages. They are much more helpful with people who have a house in mind because that is how they make their money. They only get paid when the mortgage is in place so they will try to get the mortgage for you.
The first thing you ask a broker is, "Do you provide a whole of market quotation?" If they do not, then simply thank them for their time and walk out. Not getting a whole of market quotation can cost you a lot of money.
After getting a first quotation, get a second quotation. You need at least two quotations. It can either be from two brokers or one broker and one from the high street.
Once you find a broker with a good quote, you can proceed to buying the house.
Buying a house takes time but it shouldn't be difficult. The best advice I can give to first time home buyers is: know how much you can afford and know what you want. Then don't budge on the price and don't settle for a house you don't want.
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