What You Should Know Before Getting a Mortgage
Owning property is a big undertaking, but can be a huge milestone in an individual’s life. You also know that if you plan on owning property, you’re going to need a mortgage. Mortgages can feel like a bit of a minefield if you don’t know how they work or what to do to prepare for one. What should you know before undertaking the mortgage application process?
Know Your Finances
You wouldn’t invest in something without knowing you had the means to back it up right? So before you do anything, you need to have a firm grasp of what your financial situation looks like. Your lender will base the amount they are willing to give you on your current finances, as well as what your future goals look like.
One of the most important things to your lender is knowing that you’re trustworthy, and they’ll be willing to give you more if they think your goals are attainable. If you think you have a chance of being denied, you should try to optimise your finances so you don’t waste time only to be rejected by your lender. Drafting a simple plan for your financial goals may even be applicable, as it can give your lender a good idea of your trajectory.
Do Your Research
You’ll find the mortgage market is rife with vocabulary that you might not be able to make sense of. Instead of going into it without any knowledge of what these terms mean, you should do your research and familiarise yourself with the jargon. You should also research your lender so you can be assured that your lender is trustworthy. There are definitely some lenders out there that would be happy to take advantage of someone who doesn’t know what they’re doing.
You should feel comfortable with the lender you choose. Taking out a mortgage is a huge commitment and it isn’t something that should be taken lightly, so trusting your lender is of utmost importance.
Connect with a lender who will make the loan process easy and accessible. Why over complicate an already complicated process with loan sharks and potential pitfalls. You want to be able to trust your lender and feel that you aren’t just another customer in the bunch.
At Mortgage House, we prioritise our customers and pride ourselves on providing loans that are tailored to your needs. Our goal is to make mortgages more accessible, so people all over Australia can stop simply dreaming about their dream homes. So come prepared with questions and we’ll get you started on making your dreams a reality.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s an exciting and very rewarding one. If you’re thinking of applying for a home loan, you can Apply Online today to get started!