California Assistance For Seniors In Need Of Finance And Health Why Spring Is Known As the Mortgage Season

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Why Spring Is Known As the Mortgage Season

Are you one of the many people who have heard the expression – “spring is the mortgage season”? Have you often asked yourself why?

Traditionally, the period between September and November is the busiest time of the year for real estate agents and finance/mortgage brokers. As this is the time of the year when many people are:

1. Looking at selling and buying real estate; and

2. Looking to take out home loans.

Also, spring, is the time of the year when homes look their best and people are happier to attend open inspections and auctions.

Start Planning

Before you start looking around for your dream home, you should start planning by undertaking the following steps:

Step 1- Presentation

Because first impressions always count to the buyer, it is important to make sure your property looks its best from the moment it goes onto the market for sale. This means ensuring that both the interior and exterior are as presentable and attractive as you can make them.

Step 2 – Perform a Financial Health Check

Just as you have a regular medical check done on your health, you should also consider having a health check done on your finances. Because, performing a financial health check will tell you if your finances:

>> Need attention;

>> Are under control; or

>> Could be better.

The financial health check will help you take control of your finances. So, why not start straight away by using a Budget Planner Calculator to work out what you are spending your money on.

Step 3 – Work out How Much You Can Borrow

Do your sums by using a Borrowing Power Calculator to work out:

>> How much can you borrow? and

>> What repayment amount can you afford?

Step 4 – Get your Home Loan Pre-Approved

By getting your home loan pre-approved, you will have the peace of mind knowing that your loan has already been assessed by a qualified finance/mortgage broker. Also, you will have the upper hand when negotiating the purchase of the property with the seller (vendor) and/or real estate agent.

Step 5 – Choosing a Suitable Home Loan

Once you have sorted out your budget, it is time to start choosing a home loan. When choosing a home loan, it is important to work out:

>> The features you need from your loan; and

>> The cost of the loan in terms of fees.

To help you in choosing your home loan, you should ask different lenders/credit providers for a copy of their “Key Facts” sheet. It will give you the information you need and it will also give you a comparison rate of the total costs of a home loan against other home loans.

Note: Lenders/credit providers must give you a Key Facts sheet for a home loan, if you ask for one (but not for interest only loans or line of credit loans).

Step 6 – Choosing a Suitable Licensed Real Estate Agent

You should consider appointing a suitable 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 be able to offer additional advice.

Step 7 – Documentation

At a minimum, you will be required to produce documents such as pay slips, which can provide evidence of your income.

Selling your current home and buying a new one can be an overwhelming task for many. But, you can ensure stress-free and happy home buying process by employing the services of a qualified finance/mortgage broker. He/she will provide expert assistance every step of the way and ensure that you obtain the best home loan deal.

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