What a Mortgage Lender Can Do For You
For most people signing their first mortgage is the biggest financial decision of their lives. A competent mortgage lender can really be very helpful – but they can’t do it all for you. Here are some of the questions you should have thought about before you meet iwth your mortgage lender -so that you come prepared:
1. What is your monthly income? Is this stable e.g. do you get regular bonuses, do you expect this to increase or decrease over the next few years?
2. What is your monthly expenditure – keep a record for a few months so you know what you are spending on your vehicles, eating out, groceries, school expenses.
3. Check how many credit cards you have – if you have credit or store cards you don’t use – cancel them – they will count against you for mortgage lending – because you do have access to the credit.
4. Work out what owning a home will really cost you – its not just the mortgage cost- there is also land taxes, costs associated with maintenance, gardening. Are your commuting costs going up or down. Will you have to pay more or less for utilities?
5. Work out your move in costs – if you are renting you may not get your bond back in time to help with these.
Buying a home is a huge step – make sure you take the time to sort out your finances properly first though – a mortgage lender will help you with that!