Essential Tips for Getting Your First Mortgage
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Taking a mortgage is a huge financial commitment, so you may want to find the best deal you can get. It's important to start researching your options early to avoid having to make some rash decisions that could cost you a lot of money. And to increase the chances of your mortgage application getting approved, there are a number of things you need to be aware of. Below are a few tips that should be of help. Read more great facts, click here.
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Budget beforehand
Before applying for a mortgage, take time to work out your budget first. You want to be sure that the money you borrow will be enough to buy the property, and that there will be enough left to cover for all the associated fees and costs. Your monthly repayments will depend on the amount you're borrowing, over what period, and the lender's interest rate. Find a good mortgage calculator to help you work out these costs. You can view this homepage for more info.
Keeping your job helps
Job stability is important--most lenders would prefer to see that you have been working with your employer for a good amount of time before giving you the mortgage. If you've been thinking about getting a new job, it's best to wait till you've secured your mortgage. Before applying for your mortgage, make sure you've been at your current job for a minimum of three to six months. If you've recently switched jobs, be sure to check with your lender first.
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Pay off your debts
Before applying for a mortgage, try and pay off any debts you have. The last thing your lender should see is that you owe huge sums of money on your credit cards, or have a large outstanding loan. Not having any debts shows the lender that you're good at managing your finances, and that will boost your chances of getting approved. Also remember to save up for a large deposit, as the bigger your deposit, the more mortgage options you'll be able to access.
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Proof of income is needed
Your prospective lender will need proof f your income, so you'll need to obtain the necessary documents from your employer. Your may also be asked for your last three months' bank statements as well as pay slips, so they can take a look at how much you're earning and how much you're spending. If you are self-employed, securing a mortgage can be a tricky affair, particularly if you've gone solo only recently. Please view this site http://www.wikihow.com/Get-a-Mortgage for further details.