The process of getting your first mortgage can be difficult to navigate. The good news is that you don’t need a lot of experience with mortgages to secure the best deal available to you. All that’s needed is some care and patience. Here are some tips that will help you secure a great deal for your first mortgage.
1 – Check your credit score
Your credit score will play a big role in the type and size of mortgage deals available to you, and it will also have an impact on your mortgage rates. This means that’s a good idea to check your credit score before you start looking for a mortgage. Starting on your credit score earlier also gives you a chance to boost your score. This is something you can do yourself by changing some of your financial habits, or you can hire a professional to help you make your credit score the best it can be.
It’s also a good idea to go over your credit report line by line to make sure nothing is out of place. You may spot a clerical error that is harming your overall score.
2 – Choose the right broker
Finding a good mortgage broker will go a long way towards making this process smoother. Just make sure you look for the right type of broker, as working with a specialist may improve your chances of finding the best deal possible.
For example, if you happen to have a low credit score, you can find a broker who specializes in that type of client at 1st UK mortgages. Some brokers specialize in loans for companies, loans for properties above certain price points, and more.
3 – Go over your options carefully
Doing your research and having an eye for detail will serve you well when trying to figure out which mortgage option is the best for you. Your mortgage broker will do their best to explain the options to you, but there’s no substitute for going over the fine print yourself.
4 – Invest in a deposit
There is no hard rule for what makes for a good mortgage deposit, but 20% of the house’s value is a good starting figure. The more you can pay upfront as a deposit, the easier it’ll be to get lower rates on your mortgage deal.
5 – Keep an eye on mortgage rates
Mortgage rates within a given country or region are always fluctuating. Keep an eye on those numbers — you may be better off paying rent for a few months instead of signing a mortgage deal with mortgage rates at their peak.
6 – Have your future needs in mind
If you are expecting to get married and have children soon, it pays to have these needs in mind as you look for a mortgage deal. It’s generally cheaper to get a house you can grow into, rather than trying to get a new mortgage deal for a bigger house five or ten years down the line.