If you’re in the market to purchase your first home, you’re far from alone. In May of 2021 alone, around 769,000 homes were sold across America. Some of these homes were bought without the new owners previously seeing the house in person.
But buying a property in London, UK for the first time can be a lengthy process that feels a little overwhelming. Understanding what to expect can make the process easier. Working with the right professionals also helps.
What do first-time buyers need to know about purchasing their first home? Continue reading to learn what you need to know in our first-time buyer’s guide.
Save a Deposit
Before anything else, you’ll want to save a mortgage deposit. Generally, you’ll need at least a five percent down payment. More is always better, and if you can save ten percent or more, you may get better mortgage interest rates.
Pre-Qualify and Get Pre-Approval
With a deposit saved, the next step is to pre-qualify for a loan. Pre-qualifications are based on the information you provide. You’ll need to provide your social security number for a credit check and your income information.
A pre-approval is similar but requires further verification beyond your word. You’ll need to submit documentation for income and other vital aspects to receive a pre-approval. This will let you know how much of a mortgage you can afford.
Find a Real Estate Agent
A real estate agent can help you find homes in your price range. They can also assist with future paperwork, scheduling home tours, and much more. If you haven’t already, now is the time to find an agent to work with. Choose someone that knows the area you’re looking at purchasing a home, like using a Victoria BC real estate for a home on the island.
Find a Home and Make an Offer
You’ll search your chosen area for a home and do several tours. When you find the home you want, you’ll make an offer on it. The offer will need to be at or below the mortgage amount you were pre-approved for.
Get a Home Inspection
Before you can select a home loan, you’ll need to get the property inspected. Most mortgage companies require a home to meet specific requirements before allowing a loan to be taken on it.
Select a Loan to Closing the Deal
You’ll work with a reliable loan company, like Pilot Mortgage LLC, to select the home loan best for you. After, you’ll have the home appraised and will need to finish getting all paperwork in order. Finally, you’ll be able to close the deal and move into your new home.
More Questions About Being First Time Buyers?
The process of purchasing a home can be lengthy and overwhelming. Working with an excellent real estate agent and reliable mortgage company helps. No matter how long, the process is well worth it.
Do you have more questions about being first-time buyers?
Check out our other blogs. You’ll find articles on buying a home, fixing your finances, and related topics to help you learn more on the subject.