CIS Mortgage Advice for First Time Buyers
If you are looking into your first mortgage, things can get a bit confusing, particularly for self-employed individuals and contractors. Here at CIS, we do as much of the work that we can for you, but we understand that you may still have a few questions about what steps you should take. Whether you are self-employed, a contractor or simply need basic CIS mortgage advice, CIS Mortgage is here to help you every step of the way.
Set a Budget
First time homeowners may want to simply get a mortgage for their dream house. Whether your dream house is a house on the lake or a condo in the middle of a larger city, it can be hard to pass up the opportunity, particularly when you think that you will be able to get a mortgage. The thing is, that mortgage has to be paid back, with interest. Because of that, it’s a good idea to set a budget.
Make sure that you decide on a budget before you go house hunting. If you find that it is impossible to purchase a house due to your budget being too low, simply increase it a small amount.
When purchasing a house, you have to compromise. Is a garage a necessity or a luxury? Do you have to have an updated home, or can you do the renovations yourself? Working on a fixer upper home can be a nice family activity, and can make everyone feel included in the family. If your dream house is well over budget, you can transform a smaller house into your dream house with the money that you save.
Save for a Deposit
Saving up for a mortgage deposit is one area that a lot of first time buyers tend to fall short in. Use an online mortgage calculator to help determine the minimum amount that you need to save for a deposit. After that, it’s time to start saving. Browse through our other blogs to find some great money saving tips that can help you save up for your mortgage deposit.
In addition to saving money when you can, putting your money in an account that builds interest on a regular basis can help your savings grow quicker. Take the time to contact local banks to inquire about money saving options, such as interest rates on savings accounts.
Buying your first home can be simpler than ever when you take the time to prepare properly. It may take some extra time to shop around for a home within your budget or to save extra money when you can, but it is not hopeless. Contact the specialists at CIS mortgage today for more CIS mortgage advice to make sure that purchasing your first home runs as smoothly as possible. Our experts can provide assistance every step of the way, from money saving tips to more tips on buying your first home.