Prices of homes are increasing but wages are not increasing as quickly, reducing the capacity of the good people of Amargh to purchase homes given their income. You can read more about it here.
If there ever was a time when finding an experienced mortgage advisor was important, it is at such a time as this. Having such an advisor will ensure you take advantage of every little thing that can increase your chances of getting approved for your loan.
Your advisor will also help you understand the best time to send your application. This article will focus mainly on the issue of the best time to apply.
Importance of Timing
Why exactly is timing important in this process? Should you apply for your mortgage loan before searching for the house you want to purchase or should your find your ideal house before applying?
All these questions have to do with timing and we will address these issues briefly here.
Here’s a scenario to consider. You find a house you love and want to purchase and you immediately rush to apply for a loan to enable you get the house. You begin the process and by the time you eventually get approved, the house is no longer in the market.
This is just one scenario. There are other ways that this could play out. You could also get approved for less than what the house costs. Remember that this article is focused on when to apply. There are other important aspects which you can read about here: https://www.money.co.uk/mortgages/how-to-get-your-first-mortgage.htm.
One conclusion you should therefore be able to draw from this is that you should apply for your loan even before you begin to search for the house you wish to purchase. Here are few reasons why this may be your best approach:
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Your Budget Is Clear
When you get pre-approved for your loan, you have a clear idea of how much the bank is willing to offer you. With this, you can narrow down your search to houses that fall within this budget. This will help you avoid wasting time on houses you cannot afford.
One quick thing we must however point out here is that you must not aim for the limit of the amount you’ve been pre-approved for. No matter how much your bank approves for you, ensure you work with your personal financial budget, remembering that your mortgage repayments will contribute to your total monthly payments which cannot exceed a certain percentage of your income.
Go for a house within your personal financial budget. Where possible, always aim for something far below what your bank is willing to offer you. This will reduce your financial burden.
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There are No Delays
With a pre-approval under your belt, you can find a house you like and which falls within your budget and immediately close the deal without delays. This means you won’t miss out on deals or a house that was perfect simply because of delays with concluding the transaction.
Getting Started
So how do you get started with your mortgage application? For all kinds of mortgages advisors in Armagh will provide invaluable assistance that will help you navigate the difficult Armagh real estate market. Therefore, to increase your chances of getting approved, start by talking to a qualified mortgage advisor.
An Advisor will do the following for you:
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Provide Personalized Advice
Your ability to get approved depends on a number of factors which include your credit score, your income, your current liabilities, how much you are willing to put down as down payment and other factors. Since each person’s financial state is different, we cannot all go through the same process. An advisor will help you approach your application in the best way possible for your unique financial state.
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Help With the Process
More than just providing counsel and direction, a mortgage advisor will also help you with the process. This will include determining where to submit your applications and also submitting these applications.
other valuable tips:
First-Time Homeowner? How to Educate Yourself about Mortgages
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Help You Get the Best Deal
This is probably the main reason why most folks choose to work with mortgage advisors. Their understanding of the industry and the players within it helps them know exactly where to submit your application for the best deal and the best chance of approval.
With the right advisor working with you, the question of when to apply will be rendered moot as they will help you through the entire process and ensure you go about it in the best way possible.
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