The world of financing your next big venture can be an intimidating one. Whether you are looking into taking the exciting step to becoming a first time home owner, or looking to diversify your portfolio with real estate, a mortgage is typically a necessary step. So many questions can come to mind in a single instant when you even begin to think about doing something like this.
How much money do I need on hand? Will I qualify? What is the safest way for me to get my mortgage? How will I know I can cafford it?
You’ve worked hard to get to where you are in life, and even though this is the next logical step, you want to take as much care and precaution as possible to ensure you do it correctly. The good news, is that these anxieties are not uncommon and the even better news is that at Vaster Capital, you can find the resources and help to put them to rest.
Practical Steps to Secure a Mortgage
If you are looking to be a first time home owner and have never taken out a mortgage before, then rest assured that as daunting a task as this is – it can be accomplished. It may seem intimidating when you think about credit scores, old W2s taxt and bank statements, however this system has been tried and true and you aren’t the first one to feel this way.
Getting your UK mortgage is definitely a task that takes a certain level of commitment, so as long as you have determined the gate to stick with and put in the work you will achieve your goal.
One of the most daunting parts is feeling confident in your decisions with the mortgage that you chose. That’s why having trained professionals that work tirelessly to ensure you the best results is a great option to take.
Vaster Capital is composed of industry experts that go beyond the credit score and take the time to look for the right mortgage that’s designed for you. For instance, some individuals who have financial soundness and have exhibited financial intelligence may not have that reflected in their credit score. There is more then one way to build your financial wealth, and you shouldn’t be discouraged from getting the mortgage you deserve because you chose a different path. This typically very true for the self-employed.
Backed by two of the largest real estate firms in South Florida, Vaster Capital can supply you with the peace of mind needed to properly and confidently secure your mortgage. With decades of experience on both ends of the game working in lending and real estate, our team can give you the guidance nad direction you need to sleep easy at night.
Working Out Your Budget
There are certain steps that will help prepare you for acquiring your mortgage no matter what path you chose. The first and most important one is that of working out your budget. When it comes to acquiring a loan like a mortgage, you’ll have to do more then just factore in how much money you make and what you’re willing to spend on a mortgage payment.
The truth is, especially for first time buyers with little to no lending history or lower credit, a downpayment is a very real part of quiring a mortgage. While the amount of your down payment can vary, typically a 20% downpayment is not uncommon. That’s a chunk of cash to just get your name on the table!
The second part of working out your budget is factoring in one of the most important elements of a loan and that’s the interest rate. This rate will be dependant on a number of factors including savings, income, location and downpayment. Working with a trained professional like a mortgage borker is a great way to ensure you get the interest rate that best suits your needs.
Play the Long Game
Another important element to preparing your budget when looking at getting a mortgage is to remember that these loans play the long game. It’s important to understand how the interest will effect you over time and to be able to have a plan for paying off this mortgage years in advance.
This is where collecting a detailed financial work history will also come into play. Past bank statements, taxes and W2’s all play a role in helping determine what kind of mortgage you can acquire.
The most important thing to remember however, is that getting a mortgage doesn’t have to be a situation where you ‘settle’. Get professional help that will guide and direct you to the perfect mortgage to help you achieve your goals!