The Path to Purchasing your First Home
Michael Curtin, Managing Director at MC Financial
Applying for your first mortgage may seem like a daunting task, however our expert mortgage brokers are here to guide you through the process in 11 simple steps.
- Make an appointment
The very first step is to find out how much you can borrow. Our mortgage brokers will give you an initial reaction over the phone but once they feel you are in mortgage ready shape, they will organise an in depth consultation with you. At this meeting, our experienced mortgage broker will ascertain how much you can borrow based on the information you provide.
- Pre-Loan Approval
This is home loan approval subject to some outstanding requirements. Having Approval in Principle (AIP) gives you the incentive to find a property if you have not already and move forward with the process. The AIP will have an expiry date of 3 to 6 months depending on the lender.
- Find the home of your dreams
Once you know your price range it is time to go looking for your ideal home in Dublin 15 or further afield. You can do this via estate agents or the Internet and our broker will be there with you every step of the way.
- Pay a Booking Deposit
Once you have found that amazing property that ticks all the boxes in Castleknock or Clonsilla and have agreed on the sale price with the estate agent, you pay a booking deposit.
- Appoint a Solicitor
A Solicitor acts on your behalf throughout the property purchase, reviewing important legal documentation, such as deeds and loan offer. Solicitor fees vary so we advise you to shop around.
- Formal Loan Approval
The formal mortgage approval will issue once the valuation report has been sent to the bank and they agree with the assessment. All parties involved will receive a copy of the loan offer.
- Signing Of Contracts
Unconditional Contracts are signed. These contracts are usually signed 3-4 weeks after paying a booking deposit, however the time frame can differ depending on the complexity of the sale.
- Mortgage Protection
It is a legal requirement to have Mortgage Protection, this is to ensure that the mortgage is paid in full if either borrower dies. Our mortgage broker will carry out an analysis of mortgage protection products available and recommend the best policy for your needs.
- Home Insurance
You will also need Home and Contents Insurance give you protection over your home for fire and theft. Our brokers will advise you on the best insurance products available on the market
- Documents to Lender
Once you are at this stage, you are almost a homeowner! The mortgage lender will need to see the life and home Insurance policies, legal documents pertaining to the purchase of your new house and supporting documentation.
- Completion
Congratulations!!
You are now a successful first time buyer with your dream home in Dublin. When the big day arrives, the bank will transfer the monies to the seller and keys will be delivered to you.
Do you feel ready to take the plunge and apply for your first mortgage? Get in touch with Michael today by calling 01 822 8022 or by emailing michael@mcfinancial.ie. You can also fill out our mortgage enquiry form and a member of our team will be in touch to discuss your application shortly.
For more top tips on how a mortgage broker can help you on the road to your first home, check out the MC Financial First Time Buyers Guide.
Like the MC Financial Facebook page today!
[divider]
[message type=”simple”]Warning: If you do not keep up your repayments, you may lose your home.[/message]
[divider]
[message type=”simple”]Warning: You may have to pay charges if you pay off a fixed rate loan early.[/message]
