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Springhill Group  Home Loans

Springhill Group Home Loans

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  • Springhill Group Home - How To Apply A Home Loan For First Time Buyers

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    Purchasing and owning a home is one of the biggest financial investments you’ll ever make, and no doubt you’ll have many questions regarding the process. First-time buyers enjoy some special privileges and opportunities.

    Some banks will offer first-time buyers a bond above 100% to help you cover the transfer and legal costs as well as the purchase price. And almost all institutions now offer a 30 year bond repayment period, to make the monthly costs more accessible, an option which banks created specifically for first-time buyers.

    Make that very clear on your application that you’re a first-time buyer.

    It is a general rule, make a quality purchase, buying a house is a big decision so you have to decide wisely. When house hunting you can follow this tips.

        Take a digital camera with you when house-hunting. Having photographs in front of you will help you recall specific details of each         home you see – which is particularly useful if you’re viewing up to six homes in a single day.
    
        Write down key points about each home you see as you’re inspecting it. In particular, record its size, special features, design and         other factors which may influence your decision.
    
        Take note of the area and its surrounds. Is the house close to all amenities, or is it in a remote location? Would you be happy to live in         that particular neighborhood?
    
        When you’ve narrowed down your options, ask to view the homes you like best a second time. This will help you to narrow down         your options further.
    

    Banks have many considerations before lending you loan, they don’t just look at your financial situation; they also consider the property that you want to purchase. Then it is still subject to approval, if what you wanted to purchase seems that you will not going to afford it chances are you will be decline. The more money they have in their account, the less danger there is that you’ll suddenly be called on in the future to pay large amounts towards repairs or maintenance – affecting your ability to pay the installment on your home loan.

    Get Help from Professionals, admit it, you are not so familiar with the big leap you are about to do. It’s always advised that you get someone knowledgeable to help you interpret the information and prepare your application.

    It is essential to ascertain whether you are ready to make such a big, constant financial commitment. If you are secure in your job and gross a regular monthly salary, you’ll have a quite good idea of whether or not you can afford to buy a home. Also important to bear in mind are the costs and fees linked with purchasing your new home. You’ll need to have money saved to place a deposit on the home, and you’ll also have to consider moving costs, home-owners’ insurance and rates on your property. To make certain that you can afford the purchase, it’s necessary to calculate all your monthly operating cost and those concerned in buying your first home. As a general rule, your bond repayments, together with taxes and property insurance, shouldn’t go beyond 25% to 30% of your gross income.

    http://springhillgrouphome.com/

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