Purchasing your first home is a big step. However, don’t be frightened because it is certainly an exciting time in your life. This will be the place where you live for a number of years, start to raise a family, and create many lasting memories. There are a few things that you must be wary of when you are at this point in your life. One of the major factors is obtaining a reasonable mortgage.
First, you need to shop around for a good, trustworthy mortgage broker. The last thing you want is to get stuck in a bad contract and be overpaying. There are a few things that you should have easily accessible to present to your trusted mortgage broker:
1. Reference letter from your bank (if you are moving to another country and switching banks that outlines you have a decent credit rating)
2. Reference letter from your current landlord (chances are, you are currently renting the place you live, so get a letter outlining what a good tenant you have been)
Another item to personally consider is the house you wish to purchase. Make sure it is in a convenient location for transportation to work and school for the kids. Also, ensure it is a house you will be able to afford. You don’t want to get stuck in the house still paying off a mortgage at the age of 95. On an end note, just ensure to do your homework and go with a trustworthy mortgage broker.
