Buying Your First Home
Next steps for the first time home buyer
This is an exciting time – you have your deposit and you can now hit the streets, sift through online listings or flick through the property pages, to find your first home.
But before you go too far down the house hunting track, do some planning and get some advice. And the first step is to get pre-approval.
This is an important box that we can help you tick to make sure you get from having a deposit to crossing your threshold as smoothly as possible.
So what is mortgage pre approval?
This is when a lender gives you the go-ahead to borrow a certain amount of money to buy your first home, as long as you meet conditions set out in the pre-approval document. A strong pre-approval will have less conditions attached.
This stage includes a lot of questions about things like:
- Your income and job prospects
- Your employment history
- How you manage money
- Your credit history (do you pay bills on time?)
- Specifics about your bank statements
- This is detailed but necessary. Let’s face it, a lender needs to know you are reliable. You’d do the same if you were in their shoes.
But the good thing is once you get the pre-approval you have guidelines to help you find your first house faster.
The 10 steps to buying your first home
There are ten main steps and our experts can help you with each one:
- Finding a solicitor
- The all-important house hunting
- Inspecting a property
- Organising a survey
- Getting a LIM report
- Different ways of buying – auctions, tenders, fixed price
- Making an offer and having it accepted
- Settlement on a property
- Arranging insurance
- Keeping on track in the future
Buying a home is a journey and the team at Taurus Home Loans will be with you for the long haul, from when you first think about your first home, to having the keys and beyond.