Starting the home-buying process for the first time? Your first thought may be “Help!”
Is this where you start looking for mortgage advice? Or is there a better time?
If you really haven’t a clue where to start, you could look for mortgage advice at this point. The mortgage advisor could assess your situation and your needs – for instance, help you work out what you can afford in the light of your other commitments, your credit rating, how large a deposit you can manage, etc. He/she can also help you clarify your thoughts as to how long a term you want your mortgage to last for.
This kind of mortgage advice would help you be clearer in your mind as to what price bracket to do your house-hunting in. There’s not much point in setting your heart on a particular house, only to find when you do your sums that you can’t afford it. Also, if you find a house that a lot of other people are after, the vendor might give you preference if you already have a mortgage lined up – or nearly lined up.
However, many people consider that the best time to start looking for mortgage advice is after you have found the house you want to buy. At this stage, the person providing the mortgage advice will be able to go straight into scouring the market to find the mortgage and the deal that is most suitable for you. He/she will still need to assess your needs and your situation
The truth is probably that there is no wrong time to look for mortgage advice. It depends on what you need, what your situation is, and what kind of mortgage advice you want. If you are new to the whole thing, it really helps to have someone assess your needs and help you know where to start. A really good broker or mortgage advisor would be only too happy to provide this kind of mortgage advice.
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