Mortgage Checklist for Beginners

Taking a mortgage is a huge financial decision and requires careful planning, preparation, and commitment; many people do not even know where or how to begin the journey and process. Here are a few important steps to consider when thinking of taking a mortgage.

• Speak to a Professional: it is gladdening to note that in recent times, financial Advisory has become more embraced than it used to be. Many people try to make complex financial decisions all by themselves and then they hit a pothole. It is very necessary to speak to someone in the mortgage business who will school you on what to expect, what is required, and who may even walk you through the entire process. At FirstTrust Mortgage, we are always willing and available to do these. www.ftmortgagebankplc.com
• Consider Your Credit History: Do you already have loan obligations? Have they been fully satisfied or are they still running? Have you been faithful and regular with your repayments? What does the Credit Bureau/Rating Agency have to say about your credit history? Will your income be able to accommodate an additional loan obligation?
• Budgeting: Carefully work out a budget based on your income and resources which would cover your repayment interest, and fees and still leave you with enough to cater for other expenses in other aspects of your life… you don’t want to have all your cash flow tied up in loans!
• Prepare Your Documents: After you may have spoken to a professional, you would most likely be fully armed with information on all the documents that would be required from you to take out a mortgage: Payslips, Bank statements, Letters of Employment, Valid means of Identification, Utility Bills, Title Documents (if you already have a house in sight/mind). Begin to gather them and ensure they are consistent, up-to-date, and in order. You may also wish to show your financial advisor to vet.
• Go With Your Hopes Up: It is always a plus to have positive energy and be optimistic when applying for a mortgage. Quite several people have been turned down several times but do not allow this to deter you or make you cynical as this may affect your preparation or make you sloppy.

All the best as you start your mortgage journey today!