Buying your next home is often required to fit a growing family, move into a new area or purchase a rental investment property.
As with first home buyers, extending the mortgage is also a big financial decision.
It’s important to work with someone who knows the process of selling and buying property inside and out and will walk you through the entire journey.
That’s where I come in. As your mortgage broker I offer extensive services and consulting around the home loan process.
Services Provided to Existing Home Owners;
As before my services to you are free. I work as your advocate and ensure you get the best mortgage advice. I am only paid a commission from the bank once your mortgage is secured and successful.
to discuss your options for buying your second home
My job is to walk you through the mortgage process and ensure you get the right mortgage and have a financially stable future ahead of you.
You don’t need to commit this to memory, but here is an idea of what my process looks like for second-time home buyers:
Meeting and Chat
Every mortgage and loan is different, so I take the time to understand you and your situation, so we can prepare the right supporting documents for the bank
Summary and Action Steps
I get it, it’s a lot to remember. After our first meeting, I will send you a summary that you can refer to at any time, plus a list of the action points we need to take to get ready for the next step.
A Home Buyers Financial Assessment
There are several hidden costs that come with buying a home that aren’t included in mortgage payments. To ensure you are fully prepared for the transition, we do a financial assessment to compare your existing fixed costs and the added costs of a new home to ensure you have the right finances in place.
Second Time Home Buyers Checklist
Buying your second home (along with selling your existing home) is a time-sensitive process with many steps. To help keep things on track, I offer a full checklist of steps and timeframes that need to be met. You will never be unsure of where we are in the process.
Set up for Mortgage Application Success
One of the biggest parts of my job is making sure your application is complete and attractive to the banks to approve the loan. Your application is custom built to highlight your individual circumstance and lending eligibility.
Home Ownership Budget
Indicative home ownership budgets will be presented along with quotes for homeowners’ insurance to demonstrate that the budgeting for a new home has been well thought out and established.
Options for Deposits – (Including Bridging Finance)
Second time home buyers are limited in their options for deposit funds. Often it is the equity in the existing property, plus savings which is used for a deposit.
Depending on the settlement dates, applications may need to be presented with a request for bridging finance.
This is just a brief summary to give you an idea of what the process looks like to prepare for a mortgage. If you are ready to get started or want to ask a few more questions, contact me today.