Do your research
This one goes without saying, but it’s important to know what’s happening in the current housing market and how interest rates with each of the different lenders are tracking. Check out the different types of loans and interest payments so you’ll have an idea of what will work best for you before you approach a lender. It’s also a good idea to look at what options are out there to help with your deposit such as KiwiSaver.
Work out the numbers
Once you have a good understanding of what rates and prices are currently available, you can punch in the numbers yourself using a mortgage calculator. This tool is fantastic for demonstrating how much you can actually afford, and how much you’ll be paying in interest. You’ll also get an idea of what you’ll be paying weekly, fortnightly and monthly so that you can tailor your payments to your salary schedule or to pay your mortgage off faster.
Think about your deposit
If you’re buying a home to live in (owner occupied), you’ll generally need at least a 20% deposit. It’s important to remember that there are other options available to help get your deposit together, and in some circumstances, the deposit you require may be lower. For more information, talk to one of our home loan experts – even if you don’t have your full deposit, we can discuss your options.
Live like you already have a mortgage
If you live like you actually have a mortgage, you’ll start to get a feel for what it will be like when you really do have one. Although you might already be paying rent, don’t forget that owning a home comes with its own extra costs on top of the mortgage, including rates and insurance. Create a loose budget based on what your costs would be for these commitments and start living accordingly.
Every lender has different criteria and conditions you might need to meet, but generally they’ll just want to know whether you can handle the mortgage repayments in your current financial situation. Now’s a good time to check over your finances, including any existing debt you might have, and collate the paperwork. The lender will need your last few payslips to check your employment status and will need to have some form of ID and statement of your accounts.
Call in the professionals
Not only can Haven mortgage advisers get you the best rates for your mortgage, but they can also help step you through the process of getting pre-approval with your lender. They know each lender inside and out and will help you get all of your paperwork sorted. Seeking the help of a Haven mortgage adviser is one of the most valuable things you can do when getting ready for a mortgage – plus you get their friendly expert knowledge at no cost to yourself!
Ready to come and have a chat about a mortgage? Get in touch with us today!
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