First time buyers’ guide in taking out mortgage

Is it your first time to buy a house? Then, this guide is for you.

10:07 03 September 2013

Before you look for great mortgage deals, there are some things that you need to keep in mind.

First, you need to ask yourself: “Can I really afford it?” Getting a property that you cannot afford in the first place isn’t a good idea. So, check your financial situation. Keep in mind that mortgage is usually a 10-35 year commitment. Making sure that you will be able to make repayments without struggling to make both ends meet is extremely important.

Second, ensure that you have enough money for the down payment.

Next step is to understand that there are different types of mortgage that you can take advantage of. Of course, many of them comes with a set of advantages and disadvantages. Thus, it’s important to fully understand them to ensure that you’re getting a mortgage that fits your needs, demands, and financial standing.