Choosing Your First Mortgage
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Choosing Your First
Mortgage
If you have never had a mortgage before, choosing one for the very first
time may be a scary experience.
When choosing your first home, you will have some idea of how much you wish to
spend, how large the home needs to be, and what general area you wish to live.
This is enough information to start looking around to get an idea of what you
may be able to buy in the area within your price range.
When choosing your first mortgage you are unlikely to know which lender you
wish to borrow from, what loan features are more important to you than others.
Therefore with your first mortgage, it is best to seek professional assistance
to point you in the right direction.
In fact we at BestHomeLoansAU believe that you should choose your first
mortgage before you choose your first home. The reason for this is quite
simple, you need to determine how much you are able to borrow before making a
purchase.
The answer to this question will largely depend on which loan you choose
and which lender you apply to. There could be a discrepancy of anywhere from
$50,000 to $100,000 in your ability to borrow depending on your choice of
mortgage.
A low mortgage rate is just the beginning. You also need to consider mortgage
features, fixed or variable, offset accounts, lines of credit and the like.
A mortgage specialist can help you identify the best first home loan to meet
your current and future needs. A loan that will not only save you money today
but also provide the flexibility that you may require in the future.
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