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Here at Home Loans we are well aware that the course of action involved
in obtaining a home loan and going about the purchase of a property
as your house can be a rather daunting task, and be seen as a very complicated
process. That is why we have laid out for you here a step-by-step financial
planning guide to obtaining your home loan and the property you want
to use that loan to buy.
Seek the guidance of a home loan lender
Don't make any commitments at this early stage, but do use this meeting
or phone call to gain an idea of how much you can borrow. Arranging
a mortgage in advance and finding out how much you can borrow will save
you spending time looking at places you can not afford. A price limit
will concentrate your mind on what is realistically in your price bracket.
Banks will give you a certificate to say you have a home loan agreed
in principle, which should give you an advantage when putting in offers.
Be realistic with your figures
Do not be tempted to edge over your budget if you are unable to find
the house you want straight away. You will need to have some money spare
for moving fees and refurnishing your new property. Rather than wasting
time on the window-shopping phase of house buying, decide in advance,
and in some detail, what you want within your price range. Do you want
a flat or a house, new or old, do you need parking, and do you need
to be near a decent school, near transport, with a garden, lease or
freehold?
Research the home loans available to you
Decide whether you want a fixed, discounted or capped rate. Check whether
there are redemption penalties beyond the life of the fixed period,
and whether you have to buy the lender's buildings and contents insurance.
Then choose a home loan suitable to you.
Pick an area in which you want to buy
Research it thoroughly. Consider schools, transport and shops. When
you have found a house you like, make an offer. Be sure to keep in touch
with your solicitor,
A great deal of the house buying process seems to involve solicitors
waiting for documents to arrive from other solicitors. It isn't being
rude or pushy to keep in regular contact so that you know how far your
house purchase has progressed. And it might stop your papers slipping
further down the list of your solicitor's priorities if your offer is
accepted.
Arrange a survey and a local search
Don't just opt for the homebuyers report your mortgage lender will
provide - it is very superficial. The council can take between a week
and a month to send the details back to you, so make sure you keep in
contact with your solicitor, estate agent and surveyor. When the survey
arrives, be prepared to negotiate with the sellers if a lot of work
needs doing, make a revised offer.
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