First Time Home Buyers? A Step by Step Guide

Introduction

Buying your first home can be a daunting prospect. This guide will help you through the process and explain each step to buying your first home.

1. Sorting Out Your Finances - With Help From Home Helper Mortgage Services

The first step to buying your home is to establish how much money you will need to have saved and what you can comfortably afford to borrow. Fill out our Quick Response Form and a Lender will get back to you giving you the information you need on how much you can afford.

Buying a house can be an expensive business. It is important that you have saved up beforehand to cover your costs. You will need to pay a deposit for the house, legal fees, Title fees, Survey fees, moving costs, plus the purchase of any furnishings you may need for your new home. It is also important to budget correctly to be able to calculate how much you need to have saved before you can get on the homeowner ladder.

In addition, before you can start house hunting, you will need to find out how much you can comfortably afford to borrow and pay back each month. Our Mortgage payment calculator will help you. Lenders will need confirmation of your income, so we ask you to bring with you your last three months' pay check stubs and last year's Tax information. If you are self-employed, you will be asked for your business accounts for the previous three years. The lender will also need proof of your identity and, if you are not registered with the voter's registration at your current address, they will need to see proof of your residency, such as a recent bank statement or utility bill.

The lender will complete a full review of your current income and expenditure. This will help them determine how much to lend you based on the payments you can afford to make.

Once being approved for a loan, a mortgage adviser from the lender's company will recommend which of their mortgages will best suit your needs and circumstances. To do this, he or she will spend some time discussing with you your current and future requirements. You will be given a full mortgage illustration providing information about the mortgage recommended, the monthly repayment costs and any other associated charges and terms.

Most lenders do not charge for this advice and you are under no obligation to take a mortgage recommended. The mortgage adviser can answer any questions that you have, and will recommend that you take the illustration away to study it at your leisure.

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