C
CFoster
New Member
One in five first time buyers who have recently stepped onto the property ladder regret not buying something cheaper and more affordable ? As they take out big mortgages and stretch their finances to the limit ?
L
loribarnaby
New Member
If a person buys a property for the first time there is always many obstacles he or she has to face whether it is mortgage or any other financial issues. But there are a few things that one must ensure before buying are the actual value of the property, consulting real estate agents and his financial back up. Financial back up means that he must have good income and no credits to pay. Buying through mortgage is always a good option. Mortgage lenders offer a number of alternatives for customers who feel they may struggle to meet repayments, including guarantor mortgages and shared mortgages to split the cost. Certain jobs also allow borrowers to benefit from special rates on first time mortgages.
If you are a first time home buyer, you can theoretically apply for any type of mortgage though there are distinct benefits to choosing a first time buyer mortgage that is tailor made for the needs of people in this situation. Examining your credit score can help you identify areas in your finances that you could improve, with any progress helping to reduce the amount you are required to pay for a mortgage.
So yes applying mortgage for buying first time can be risky sometimes but not always. You should also consider whether a mortgage is really the right option for you in your present situation or if it would be wiser to save for a few more years first.
If you are a first time home buyer, you can theoretically apply for any type of mortgage though there are distinct benefits to choosing a first time buyer mortgage that is tailor made for the needs of people in this situation. Examining your credit score can help you identify areas in your finances that you could improve, with any progress helping to reduce the amount you are required to pay for a mortgage.
So yes applying mortgage for buying first time can be risky sometimes but not always. You should also consider whether a mortgage is really the right option for you in your present situation or if it would be wiser to save for a few more years first.
George79
Member
You never want to get in over your head. You have to know your budget and do your best to stay at least $20,000 under it if you can. You also do not want to invest somewhere that seems to be going downhill. Nothing is worse then buying a home in an area that will cause your property to loose value in 10 years.
