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How Can I Get a Mortgage Loan?
The myriad of mortgages available of the market can be confusing, especially for a first time buyer. Here's an email we received recently to illustrate this:
I'm renting an apartment at the moment but have managed to save for the last five years for a down payment on a house. Now I can really start looking for a house I just don't understand the financing side of it at all. Can you provide me with some pointers? Just how do I get a mortgage loan?
Hi there! Thank you so much for your email. First of all take a seat, take some deep breaths and relax. We know that the mortgage loan market can be entirely confusing but we are here to help. Probably the simplest way to help you is to provide you with a step by step process to find a mortgage loan.
Your first point of call is to understand just how much you think you can afford per month for a mortgage payment. With this and your down payment in mind, any bank and financial institution will be able to determine the value of the property you can afford to buy without overstretching yourself.
There are so many different financial terms, acronyms and abbreviations that it would be wise to speak to a financial advisor or a mortgage broker. This will set you off on your first step to finding out what a mortgage loan is and what different products are available.
Once you have grasped the products available, decide what type of mortgage loan you would prefer. Then research the market thoroughly to find a lender that offers the mortgage loan you want. Find out what costs and fees are attached to this loan. Find out the interest rate and the monthly repayment plan. Then and only then, decide which product you would like to apply for.
You will put yourself in far better standing if you get pre approved for a mortgage loan. This means that without finding a property, the mortgage lender is happy to loan you X amount of money for a property. This will obviously be subject to appraisal of the home.
Now you are armed with a pre approved mortgage loan you know how much you can afford to borrow and thus the value of the property you can afford to buy. Start looking online for houses, visit realtors and put yourself on mailing lists for properties within your price range. Start fulfilling the American Dream!