Why the spring is referred to as the mortgage season

Are you one of the many people who have heard the saying “spring is the mortgage season”? Have you ever questioned this before?

For real estate agents and finance/mortgage brokers, the months of September through November are typically their busiest. Considering that many people are busy at this time of year:

1. Looking at selling and buying real estate; and

2. seeking to obtain mortgages.

Additionally, spring is the season of the year when houses present their best appearances and people are more inclined to attend open houses and auctions.

Start Planning

You should begin preparing by taking the following actions before you start looking for your ideal residence:

Step 1- Presentation

Make sure your property looks its best from the moment it goes on the market for sale because a buyer will always judge a property based on its first impression. This entails making sure that both the interior and exterior are as tidy and appealing as you can make them.

Step 2 – Perform a Financial Health Check

Consider having a financial health check performed on a regular basis, much like you would for your physical health. Because conducting a financial health check will enable you to determine whether your finances:

>> Need attention;

>> Are under control; or

>> Could be better.

You can take charge of your finances with the aid of the financial health check. Why not figure out what you are spending your money on right away using a budget planner calculator?

Step 3 – Work out How Much You Can Borrow

Use a borrowing power calculator to do the math to determine:

>> How much are you able to borrow? and

>> What repayment amount can you afford?

Step 4 – Get your Home Loan Pre-Approved

Pre-approval of your home loan will give you the assurance that your loan has already been reviewed by a licensed finance/mortgage broker. Additionally, you will be in a stronger position to negotiate the price of the property with the seller (vendor) and/or real estate agent.

Step 5 – Choosing a Suitable Home Loan

It’s time to start choosing a home loan once you’ve figured out your budget. It’s crucial to determine the following when selecting a home loan:

>> The features you need from your loan; and

>> the sum total of all fees associated with the loan.

You should ask different lenders/credit providers for a copy of their “Key Facts” sheet to aid you in choosing your home loan. You will get the details you require from it, and you can compare the total costs of one mortgage to those of other mortgages to see how much it will cost you overall.

Note: If you ask for one, lenders/credit providers must provide you with a Key Facts sheet for a home loan (but not for interest-only or line of credit loans).

Step 6 – Choosing a Suitable Licensed Real Estate Agent

You ought to take into account choosing a dependable, duly licensed real estate agent who:

>> Will assist you when you are selling your home;

>> Will assist you with your property search when you are buying real estate;

>> Has a good knowledge of the demographics of your local area;

>> Has a good knowledge of comparable sales in your local area or the area you are looking at;

>> Will alert you to new listings before they reach the media; and

>> will have additional guidance to offer.

Step 7 – Documentation

You will at least have to present records that can attest to your income, like pay stubs.

For many people, the process of buying a new house and selling your old one can be extremely stressful. However, by using the services of a qualified finance/mortgage broker, you can guarantee a stress-free and enjoyable home buying experience. Every step of the way, he or she will offer professional guidance and make sure you get the best home loan terms available.