Getting a mortgage can be a complex process, but here are 7 steps that can help guide you through it:
- Determine your budget:
- Before applying for a mortgage, you need to determine how much you can afford to borrow. This will depend on your income, expenses, and debt-to-income ratio.
- Check your credit score:
- Your credit score will play a big role in determining whether you’re approved for a mortgage and what interest rate you’ll receive. Check your credit score and take steps to improve it if necessary.
- Work out how much you could borrow
- A mortgage calculator can be a great tool to give you an idea of how much you could borrow, based on the size of your deposit, and your income. But that’s not the only thing a lender takes into account when considering how much they’re prepared to loan to you.
- Choose a lender
- Shop around for mortgage lenders and compare their rates and fees. You can work with a mortgage broker who will shop multiple lenders for you or go directly to a bank or credit union.
- Apply for a Mortgage in Principle
- Before you start house hunting, get pre-approved for a mortgage. This will give you a better idea of what you can afford and show sellers that you’re a serious buyer.
- Find a home:
- Once you’re pre-approved, start house hunting. Work with an estate agent like Aston Knowles who can help you find homes that fit your budget and needs.
- Get in touch with a mortgage broker or adviser
- When you find a home you want to buy, apply for a mortgage. Though you’re able to apply for a mortgage directly with a lender yourself, you might find it helpful to use a mortgage broker or adviser when you’re applying for a mortgage. Mortgage brokers are qualified to give independent advice, so will be well placed to tell you which is the best deal for your circumstances. They can look at a range of mortgage products for you, and help guide you through the full mortgage application process.
If you have any questions about the mortgage process, we’re here to help. We work in partnership with Kind Financial Services to offer our clients the very best independent advice.
Like us, they pride themselves on high-quality customer service and in-depth knowledge. With their specialist training and mortgage expertise we feel confident in referring our valued clients to them for mortgages and protection support.
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