Welcome to Portadown’s leading mortgage advice service.

A Few Home Buying Tips For First-Time Buyers in Portadown

Whether you are buying a car, a home or anything else for the first time, it usually comes with some confusion, stress and a high level of uncertainty. The house buying process if usually seems by many to be an overwhelming process, but this does not have to be the case f you do proper research and preparation.

Mortgage Advice Guide Portadown

Every person who buys a home conventionally will have a different experience, obstacles to overcome and eventually have their own opinion on the property purchasing process. As such, it’s important to be careful about the many opinions when talking to friends, family and co-workers. Although home buyers are different, the buying process is more often than not, the same. That being said, here are a few tips that can help you when buying a house for the first time.

Know What You Can Afford

One of the best ways to know how much property you can afford is by using an affordability calculator. Even though these tools don’t necessarily account for all your expenditures, they are quite helpful in understanding your bigger financial situation.

Once you know what you can afford, the next step is to look at houses both online and offline and start to narrow down to what you really want vs what you can afford.

-How many bedrooms do you need?
-Are you looking at specific locations?

knowing what you can afford in the location you wish to purchase will help you stay focused on and grounded on what you actually need in a home vs. what might actually be nice to have.

Check & Improve Your Credit Score

If you are going to buy a house using a mortgage, this is the first thing you’ll want to look into. The credit score is important as it is not only the difference between getting a high interest rate on a loan vs a low one, but it ideally impacts how much the lender or bank will actually loan you. If you check and discover it is not as high as you had hoped for, there are a few things you can do to raise the score.

Portadown Mortgage Advice

The first is to get and carefully review your credit report. Getting and understanding the information on the report will help you know which areas need to be addressed in order to improve your credit score. If you come across errors on your report, use a credit repair company that can contact the credit bureaus on your behalf and remove any mistakes and as soon as possible. Another tip is to spread your credit card debt across various cards. Getting close to the maximum credit limit is a red flag to most lenders as they take it that you might be having financial problems. Keep in mind that it takes time to improve your credit score, but it can be done.

Build Up Your Savings

Banks and other lending institutions like to see healthy savings account and other assets or investments that you can utilize during financial hardship.

They want to see that you’re not living paycheck to paycheck when planning to purchase a home. A savings account and additional investments are a great idea in general as they help you establish your future independence financial wise.

Last but not least, ensure you find a good estate agent. These professionals will guide you through the searching and home buying process, which can be complex if it is your first time. They will deal with the sellers, handle all the paperwork and even negotiate for a better deal. Real estate agents should be your best friends when buying your dream home in the traditional manner.

Mortgages: DungannonNewryArmagh