Tips for the mortgage home buyers - What can you expect when getting a Home Loan?
House and apartment hunting is a very exciting period in life. This process is especially exciting if you have a licensed real estate agent working with you. That means that you don't need to worry about gruesome paperwork all by yourself. Getting a house loan and sorting out the finances is not the fun part of the process. Once you start making financial plans you will find yourself in a financial whirlwind that threatens to suffocate all the joy of property buying. If you try to do it all by yourself you will get lost in the world of rates, interests, taxes, values, and percentages.
However, this activity can be much easier if you take some time to prepare for this lengthy process and possible mishaps that can happen. As with everything else in life, in the world of real estate, your main asset to getting things done quickly is knowledge. And who has more knowledge than the real estate agents?
Good real estate agents will help you to get through the whole process easy. They will be your biggest support in this reality game of Monopoly. Aside from the fact that they will help you to choose the best property and the one that fits your requirements, they will also be your number one consultant in this complicated process.
So, our first and most important advice is to hire a licensed real estate agent.
"My goal is to give buyers practical tips they can use every step of the way, from the buying process to getting the bank loan.", Darko Luković says – a licensed City Expert real estate agent.
Getting a house loan is like running a marathon. The best way is to start slow, keep up the pace and arm yourself with patience.
To get a proper insight into how to start the entire process and see what your best options are, first thing you need to do is to check your credit solvency. In this part of the process, it is advised to pay off any existing credits and to deactivate all credit cards. Credit cards are one of the determining factors in mortgage estimation and they can weaken your chances of getting a big loan.
Don't put all the eggs in just one basket. Visit different banks, learn more about current loan offers, and see what your best options are. Also, during the entire process, it is necessary to keep your options open at several different banks. That's the best way to make sure you're getting the first-rate mortgage option. In the end, you should choose the bank that seems most professional and gives you excellent terms.
Don't forget the fact that all mortgage buyers have to arrange the money for down payment. Down payment is the initial payment that includes a partial advance payment made to secure the conclusion of a contract. Also, mortgage buyers have to arrange money for loan handling charge, pre-contract agreement, verification and contract singing with the authorized notary.
While you're still searching for the property make sure to gather as much information as you can from the owners. Make sure that the property is registered because only registered apartments guarantee that you'll get the mortgage loan. If you are buying newbuilding you need to make sure that the minimum of 80% of the building is completed. It is especially important to arrange the date and the amount of the down payment.
Don't get into the manipulation with double contracts that recently appeared on the market. They may sound like a quick and easy solution in the beginning, but double contracts are illegal and very dangerous.
Mortgage and mortgage loans are probably the scariest terms one property buyer can hear. Your real estate agent will explain that mortgage is not that scary at all and that everything you need to do is completely manageable.
So, our final advice is identical to our initial advice: hire a licensed real estate agent in Belgrade or real estate agency Belgrade. Be open, transparent, and clearly communicate your limits and boundaries. Don't waste time looking at property you can't afford hoping that the owners will reduce the price. With the real estate agent, the entire process will be fast, efficient and you will have a chance to enjoy your new home.