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A New Baby May Mean meeting a Home Loan Mortgage Lender

It's fantastic when you start planning to have a family and you find that you have fallen pregnant. If you have a small home and know that you will need more space, you need to start looking for a new home and a new home loan mortgage quickly. You'll be surprised just how quickly nine months goes!

You've dreamt of the day when you hold your newborn baby in your arms, but has the sudden realization hit you that you just don't have enough space in your one bedroom apartment for a baby and the entourage of equipment that comes with them? Then you need to find a new home and this means a new home loan mortgage too. With the financial drain that a new addition to the family brings with it, can you afford to upgrade your home too?

  • Work Out Your Current Budget

When you are not suffering from morning sickness, sit down with your partner and work out all of your current financial outgoings. Look at what luxuries you have been indulging in as a couple and see what difference giving up one of your credit cards, forgoing the gym and the nail salon will make to your disposable income. You could find that by cutting down you will be able to afford a larger home loan mortgage than you expected.

  • Try to work out what impact the baby will have

Try and make a list of everything you will need for the new arrival and what you believe they will cost per month. It seems awful to budget on a baby who's not even been born, but if you want a larger home mortgage loan you have to add their expense into the equation. Once you have done this and added this to your reduced current budget, you will really begin to see what extra disposable income you will have.

  • Approach a home loan mortgage lender

With this in mind, approach home loan mortgage lenders to discuss your predicament. They will be able to analyze your situation and let you know, taking into account the equity you have in your current property, how much you can afford to borrow, what your monthly mortgage payments will be and the best mortgage rate they can offer you. Also ask them for a good faith estimate of the costs and fees associated with the home loan mortgage so you can account for this too.

  • Take stock of your options

It's all too easy to get carried away when you discover that you can afford a bigger home and a larger home loan mortgage. Go home, sit down together and weigh up your options. If you think a baby and a new home will be too much of a financial drain, stay where you are and manage in the space that you have. If you believe you can afford the extra financial responsibility, get pre approved for the mortgage you have chosen and go house shopping!