{"id":15045,"date":"2020-03-10T11:11:00","date_gmt":"2020-03-10T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15045"},"modified":"2020-03-09T14:46:03","modified_gmt":"2020-03-09T21:46:03","slug":"budget-deposit-amount-mortgage-to-consider-when-buying-your-first-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/03\/budget-deposit-amount-mortgage-to-consider-when-buying-your-first-home\/","title":{"rendered":"Budget, Deposit Amount &#038; Mortgage to Consider When Buying Your First Home"},"content":{"rendered":"<p style=\"text-align: justify;\">Buying your first home is an exciting prospect. You can decorate and furnish how you want, have friends and family around whenever you please, and the home will be yours. Here are 4 things to consider when buying your first home.<\/p>\n<p style=\"text-align: justify;\"><strong>Save a decent deposit amount<\/strong><br \/>\nTo ensure that you get the very best mortgage deals, it\u2019s a good idea to have as big of a down payment as you possibly can. When your loan to value ratios are lower, you may be offered better rates as a result. If you are currently renting, it might be a good idea to speak to your parents to see if you can move back in with them for a while. Not the most ideal situation perhaps, but if it allows you the time you need to save, then sacrifices need to be made. Agree a monthly rental figure or perhaps agree to pay towards the bills whilst you are staying there.<\/p>\n<p style=\"text-align: justify;\"><strong>Speak to a mortgage advisor<\/strong><br \/>\nTo get an idea of how much you will be paying each month, it\u2019s a good idea to speak to a mortgage advisor in advance. They can talk you through loan terms, rates, and will discuss any arrangement fees that might be payable depending on the mortgage product you go for. Brokers like the KC Mortgage Guy can help guide you through the in and outs of home buying, lending criterias, and answer any other questions you may have.<\/p>\n<p style=\"text-align: justify;\"><strong>Furnishing your home<\/strong><br \/>\nIf you have been renting an unfurnished place, you may already have furniture. If, however, you have nothing then be aware that it can be costly to kit out a whole apartment or house straight away. Whilst you might have your eye on lots of brand new stuff, you might find that you need to do furnish your home in stages. Buying second-hand furniture is a great way to do it on a minimal budget, and you might find some real bargains. Many people like to upcycle furniture and adapt it so it\u2019s more in line with their tastes. It doesn\u2019t cost a lot to do, but the results can be extremely effective.<\/p>\n<p style=\"text-align: justify;\"><strong>Budget<\/strong><br \/>\nOwning a mortgaged home is a financial commitment that has to be upheld, so budgeting correctly is essential. Many people open more than one bank account so they can have their day to day monies in one and money set aside in the other for bills and future outgoings. If you pay for things like home or car insurance annually rather than monthly, put the equivalent amount away in a separate account each month. That way, when they are due for renewal, the full amount needed will be there ready to be paid. Set aside a small amount each month for incidentals such as boiler repairs or slates that need replaced on the roof. Once you get into the habit of properly budgeting and living within your means, it will make things far easier.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/4-things-to-consider-when-buying-your-first-home\/98757751\/\" target=\"_blank\" rel=\"noopener noreferrer\">4 Things to Consider When Buying Your First Home<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying your first home is an exciting prospect. You can decorate and furnish how you want, have friends and family around whenever you please, and the home will be yours. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/03\/budget-deposit-amount-mortgage-to-consider-when-buying-your-first-home\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-15045","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget, Deposit Amount &amp; Mortgage to Consider When Buying Your First Home &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/03\/budget-deposit-amount-mortgage-to-consider-when-buying-your-first-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Budget, Deposit Amount &amp; Mortgage to Consider When Buying Your First Home &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Buying your first home is an exciting prospect. 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