Making it work for you
When you’re renting a home, becoming a property owner is for most of us a primary objective. However, in the tight economy of today, your goal may sometimes seem to be fading into the realms of an unattainable millennial dream, but there is always a positive option. Becoming a first-time homeowner is in effect learning how to make the system work for you! That word, positive is a crucial one because without this attitude you’ll miss the practical steps needed to place you in your own new home.
At the present time, you have the advantage of the best variable mortgage rates supported by a job market that is showing signs of improvement. These are indications that can motivate and empower Millennials to leave their money-draining rental accommodation and invest in property. It’s a venture into your future that requires your expectations to be reasonable, with professional advice, such as from a mortgage broker, supported by planning and determined judgment.
As a first-time buyer, accept that the selection of affordable homes will be significantly less than for established buyers. Be realistic, because at this time you don’t have any equity and your first down-payment will probably depend on your savings. Invest within your means and even if you qualify for a large mortgage loan, it can be of advantage to you to keep some in reserve. You are buying your first home and therefore, your main goal should be establishing your equity, but keeping in mind the factor of affordability!
Instead of automatically going to their bank for a mortgage loan, they are now seeking more favourable and competitive options. Your mortgage broker will act in your best interests, such as finding the best variable mortgage rates and approaching the banks, and other lenders to ensure you obtain the best available financing.
You now have a great opportunity; so, make the most of it with some professional help!