When we are little we like to dream big. It could be wanting to be the next rock star, owning our own fashion line, and for some, it could be striving to have a big house. Your dream house. At first, it may seem impossible because you are still young, you are not quite sure how the world or things work yet, and you don’t understand why you or your parents can’t have it now. But over time the vagueness tends to clear and you are soon hit with the reality of life and all the glorious bills that come with it.
As adults, we know that to get something you are going to have to work, hard. For some of the population, a small percentage, a silver spoon life is essentially handed to them without having to break a sweat and good for them, for the rest of us, it is time to hit the ground running.
To make a life you see in magazines or your childhood sketchbook is going to take determination and stellar work ethics, and it can be done. There is no dream out of reach if you are willing to put in the effort.
Get The Ball Rolling
It has been a few years since you have been in the working world, things are great at the office, you are steadily climbing the leadership ladder, and you have a decent nest egg you have saved up to invest with.
You have lived in your rented apartment with your significant other for a few years now and hoping to expand your family you have been chatting about finding a bigger place, but you keep thinking that renting for the rest of your life is not an option you want to entertain. Long have you been taught by your parents that owning a home is one of life’s greatest achievements and you can begin your own path rather than paying for someone else’s dream.
The property ladder may seem daunting to get on at first but all it takes is one step at a time, and one day at a time. Looking to own your first home has a few steps (see here https://www.investopedia.com/updates/first-time-home-buyer/ for some quick tips on what to expect) but taking that initial step is the most challenging and understandably so.
Life is short enough as it is, some prefer to play it safe and rent for the rest of their lives, and others take the leap of faith and put their lump sum into what could potentially be the home they raise their family in.
Unless you have a large sum of money to buy a new home outright (and wouldn’t we all like to have that luxury, am I right?) you will need financial help and this means either a loan from the bank in the form of a mortgage or a personal loan.
A mortgage (see this link) is in simple terms all the money you need to buy a new home but which is paid back over time and within an agreed number of years plus interest. It also means that the lender, in this case, the bank, has the right to take the property from you to sell on to get their funds back as well as any outstanding interest in the event you default on your payments or are unable to make your monthly installments.
But that is getting ahead of ourselves, you first need to look for a reputable mortgage lender that you trust and then have your application accepted. To do this there are a few points to consider and be aware of and which will make the process that much smoother, it can be overwhelming asking for a large sum of money, but as the old saying goes, if you don’t ask you don’t get.
What to Keep an Eye on During Your Mortgage Lending Process
- Referrals. If you can get a recommendation from friends or family members of a trusted lender, then half the battle is already won. This not only gives you peace of mind knowing you will be in good hands but that your family is happy with the service they have received.
You want a firm that makes you feel comfortable, at ease when chatting to them about your ideas, and more importantly finances and if this is something you consider to be a priority then Loanscope mortgage brokers in Melbourne may be just the answer you have been looking for. Ensure that what you are saying is being heard and that they have your best interests in mind, after all this is your future dream home you are talking about.
- Rates – Like with all big purchases you are looking for the best deal. Do your research and homework to find a handful of quotes and prices and look further into the ones that best suit your budget, financial situation, and lifestyle.
- Specifics – Write down which features are most important to you. Your friend may have used a cheaper lender with lower rates but struggles to hear back from them on queries quickly enough, or perhaps you prefer to pay that little bit extra if it means a higher quality of work and communication aspect when getting the job done.
- Services – The agent may talk a good game too but to find out the finer details of their service and how other customers have enjoyed the experience you can look online on their webpage and comments section, and even in business directories where ratings are publicly posted and shared.
A Final ThoughtThere are many advantages to owning your own home or property, see here https://www.businessinsider.com/here-are-the-5-best-things-about-homeownership-2012-8 for a few points, and although it may be scary at first and an exhausting process, when it comes to putting your feet up in front of the fireplace in the home where the paperwork has your signature on, it is all worth it.