Thinking about buying your first home and wondering if getting a mortgage is easy? Ever think about what it entails and if you should do it? If you answered yes to these questions, then read on!

Buying your first home is an exciting milestone, but the mortgage process can feel overwhelming. Understanding each step will help you navigate the journey with confidence. At Accession Finance, our team will guide you every step of the way.

How Accession Finance Can Help You in Getting a Mortgage

There are quite a number of things for you to do as a prospective homeowner when it comes to securing a mortgage for your first home. So, to help you out, we’ve outlined the steps to getting a mortgage and added notes on how we here at Accession Finance can help and support you in securing it.

1. Assess Your Financial Situation

The first step is to review your financial health. This will include an assessment of your income, expenses, savings, and any existing debts. At Accession Finance, our brokers will evaluate your situation and help you understand how it affects your borrowing power. Your credit score plays a key role here too, and we’ll offer advice on how to improve it, if needed, to ensure you qualify for the best rates.

2. Get Pre-Approval

Getting pre approved for a mortgage is essential before you start your property search. This shows sellers that you’re serious and will provide a clear idea of how much you can borrow. Our team can handle this process for you – submitting your financials to lenders and working to secure a pre-approval that gives you confidence in your buying range.

3. Determine Your Budget

It’s essential to establish a realistic budget before you look at houses to buy. Considerations are made not just for the purchase price of the home, but also the additional costs. These include stamp duty, legal fees, and insurance. Our team will also factor in any ongoing costs such as property taxes, utilities, and maintenance.

We will help ensure that you stay within your budget. Sticking to your budget will ensure you don’t overstretch your finances and will help avoid financial strain down the road.

4. Choose the Right Mortgage

There’s no one-size-fits-all mortgage. That’s why our team works with you to find the loan that best suits your needs. Whether you’re considering a fixed-rate mortgage for stable repayments or a variable-rate mortgage for more flexibility, our brokers provide clear advice on the pros and cons of each. This will help you make an informed decision.

5. Submit a Formal Application

Once you’ve found your ideal property, the next step is to submit a formal mortgage application. This involves providing detailed financial documents. At Accession Finance, we streamline this process for you. It begins with managing the paperwork for you, liaising with lenders and ensuring your application is complete and accurate. All of these will help to speed up approval.

6. Loan Approval and Offer Acceptance

When your loan is approved, we’ll walk you through the formal loan offer. We will explain the terms to you and ensure everything is clear. Once you’re happy with it, you can sign the offer and get ready for settlement. Our team stays in close contact with you throughout this stage, making sure everything goes smoothly.

7. Settlement and Move-In

During the settlement stage, your lender transfers the funds, and you officially become a homeowner. Accession Finance will ensure all the final paperwork is handled correctly, so you can focus on moving into your new home. We’ll continue to be there for any questions you have as you begin making repayments.

Getting a Mortgage with the Help of Accession Finance