Step By Step Home Buying Guide
Welcome to the Home Buying Process – Your Journey to Homeownership Made Easy! Buying a home can be an overwhelming experience, but fear not, as Home Guru is here to guide you every step of the way. From understanding your budget and saving for a deposit to getting a mortgage approval and finding your dream home, our expert team is dedicated to simplifying the process for you. As a trusted mortgage broker, we provide personalized advice, tailored to your needs, ensuring you secure the best mortgage options available.
Now, let’s dive into the step-by-step process of buying a home
Deposit
Saving for a deposit is a crucial step in buying a home. Lenders typically require a minimum deposit of 5% of the property's value. The larger the deposit you can save, the more mortgage options you'll have, and you may benefit from lower interest rates.
Decision in Principle
Obtaining a Decision in Principle (DIP) or an Agreement in Principle (AIP) from a mortgage lender is essential. A DIP/AIP provides an indication of the amount a lender might be willing to lend you. It helps you set a realistic budget and makes you more attractive to sellers.
Placing an Offer
Once you've found your dream home, it's time to place an offer. Collaborate with your estate agent to draft and submit the offer, including the price and any conditions. Negotiations may occur until both parties agree on the terms.
Mortgage Application
we leverage our market expertise to present you with the best suited lender and deal, and guide you through the application process. Lenders will conduct a hard credit check, verify your income, and assess your financial situation. They'll also conduct a property valuation to ensure it's worth the offered price.
Exchange of contracts
Once all checks are complete, you'll proceed to the exchange of contracts. At this stage, both parties become legally bound to complete the transaction. Your solicitor or conveyancer will handle this process, and you'll need to pay a deposit.
Completion
Before applying for a mortgage, it's essential to determine your budget. Use our mortgage calculator to get an idea of the property's value you can afford. This helps you plan better for your homeownership journey.
The home buying journey might seem daunting, but with Home Guru by your side, rest assured, we’ll make it a seamless and enjoyable experience. Contact us now to get started on your path to homeownership!