Abbey Financial Services – Mortgage Advisers Armagh
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A Short Guide to The Best Time To Apply For A Mortgage?
Homebuyers are often unsure of the right time to apply for a mortgage. Here’s what you need to know regarding timing when applying for a mortgage and how to do it effortlessly.
When Should You Apply For A Mortgage?
It is usually a good idea to speak to a mortgage broker or financial advisor when you become serious about getting onto the property ladder, if you’re a first-time buyer or when you realise that you’re interested in buying a new home, whether to live in or as an investment.
By speaking to a mortgage or financial advisors at an early stage you can get an idea of how much you may be able to borrow, and very importantly what paperwork that you will need for your mortgage application, and your financial plannign can begin.
Is There A Way To Speed Up The Mortgage Application Process?
Here are some useful tips to make the application process a bit effortless once you make the application.
Get Organised – one of the best tips that we can give you is to keep your financial records in good order so that they are easy for you to access when you need to make your full mortgage application. Delays in accessing your financial records can be one of the major causes of slowing down house sale transactions.
Proper Explanations – If there are quirks in your financial history, make sure you have proper explanations ready. For instance, do you have periods of bad credit or unemployment gaps? There should be a good explanation for everything to hasten the loan process, and to make things plain and clear for a mortgage company to understand.
Anticipate Delays – things can often take longer than we expect, and so it is a good idea to apply for your mortgage as soon as is feasible, as leaving things to the last minute can be likely to cause all parties involved extra strain and headache.
Should You Look For A House First Or Apply For The Mortgage?
You can’t buy a house without getting a mortgage but you can’t get a mortgage until you are ready to buy a house. There are many homebuyers who end up losing their potential dream house because they took too long to apply for the mortgage. If you get a mortgage decision in principle or pre-approval early enough, you will put yourself in a good position with the sellers. It’s actually bound to reduce the stress of the whole situation altogether, and checking your numbers out on mortgage calculators can be quite interesting.
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Making the mortgage application beforehand gives you an advantage over other buyers who haven’t applied for it yet. Sellers will know you are actually serious about purchasing the home and will be more interested in your offer. You will also have an idea of how much you can afford and your current financial position before you go house-hunting.
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