5 Steps to Obtain a Mortgage House Family Pledge Mortgage
The Mortgage House family pledge mortgage offers a viable loan product for first-time homebuyers. A qualified guarantor increases the applicant’s borrowing capacity. The guarantor guarantees repayment by putting their home as collateral.
The following are five steps to apply for this home loan product.
Find Your Home. A home search takes an average of 10 weeks. When you find your home, it helps establish the amount you need to borrow.
Pick a Loan Type. Mortgage House offers fixed-rate, variable-rate, toggle offset, and interest home loans for the family pledge mortgage.
Talk with Your Guarantor. A family pledge guarantor must be a parent or close family relative. They must own their home and be in a good financial position. The guarantor must understand that their home becomes the security.
Understand Your Repayments. Running the numbers helps you gauge your potential monthly repayments. One tool at your disposal is the Mortgage House mortgage repayment calculator.
Submit the Application. The final step in the process is to submit your application. A loan specialist ensures all information is complete. They send it to the correct department for processing. As the process moves forward, you’ll receive your pre-approval letter. The letter helps you establish credibility with the home seller. After the application process, you’ll enter the closing period and receive your welcome packet.
Family Pledge Mortgage Conclusion
To obtain a family pledge mortgage, obtain a qualified guarantor. The rest of the pieces fall into place thereafter. For more information, contact our Mortgage House loan specialists.