Be wise when arranging first-time finance for a new home

Be wise when arranging first-time finance for a new home

First-time homebuyers generally need all the help they can get. The process of purchasing your first home is full of new experiences, exciting discoveries and sometimes even unpleasant surprises.

But the procedure of financing a new home for the first time can be painless with the right knowledge and a sense of preparedness.

A specialist financial advisor can direct you towards the best mortgage products for your situation. With the basic information - including your income, assets, debt load and deposit amount - a financial advisor can scour the mortgage market and source a lender who will get you into your new home for the best deal.

How to Find a Financial Advisor Who Fits

The best ways to find a knowledgeable and experienced mortgage advisor include asking your new homes sales associate or talking to family members and friends who have taken the same step.

Homebuilders should have a list of advisors who have worked well with past clients, successfully securing the financing required in good time.

From that list you should contact two or three different advisors and either speak to them over the phone or meet them in person. This effort will allow you to find an advisor that you can trust and get along with. This can be a sensitive process, and knowing your advisor is on your side is essential.

Mortgage Products Specifically For First-time Homebuyers

There are many different set-ups for first-time homebuyers now, including arrangements with the builder or developers whereby they retain a share in the equity of the property, or which allow for special circumstances. Many types of deals are available, depending on whether you are buying a new home or one which is being sold on.

Each lender has its own terms and conditions which they will take care to ensure that you satisfy before offering you a mortgage. Banks also offer an array of financing products, often tied in with other services they offer, such as current or savings accounts and insurance products.

Get Information Early

It's a good idea to go into this process with your eyes open. Find out the current rates being offered and do some research about the options commonly available. Put together a personal budget as well and use the mortgage calculators available online to figure out what you can afford. Armed with that information, first-time homebuyers can be more confident that they will get the best mortgage possible for their situation.

Financing a new home may be intimidating for a first-time buyer. But the right help, a little knowledge and some diligence can help in tracking down the right package, and will prove worthwhile - after all, it's something you will be committing to for a long time.

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