First Time Mortgage Buyer

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Not enough information to answer your question. You didn’t comment on your credit or your debt.

But in general, you can buy a home if you have the proper income and can verify it, good credit and appropriate debt for your income level.

You can guy a home based on what your income and debt level will support in terms of loan repayment.

Just apply somewhere and see. If you don’t qualify, get proper advice to see how you can qualify down the road.

Good luck.

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You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com

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I would suggest speaking to an independent mortgage advisor, they will look all all the available lenders as they are not tied to one individual company or product, whereas if you go to say Halifax or Nationwide they can only sell you their products and not necessarily the best deal out there. Most independents also do home visits outside of normal working hours too. Whenever I have had any dealing about my mortgage I always always use the same guy, I have used him from 1st buying a house, through remortgages and house moves, on top of this advice they are also very good for all the other type policies that come with home ownership, insurance and life cover etc. Hope this help, all the best.

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I am in the same situation and I am going to wait 6months to see what happens. If the market keeps decreasing then it may be the best option, as the prices will be low, but it will be harder to get a mortgage and more expensive!! It is a massive decision to make and I think if you can get a good deal on a mortgage then go for it…..It’s a tough one!

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I’m a Realtor/Broker and I’m going to say something here that Realtors won’t like to hear: Actually, YOU will be paying for the realtor’s commission even though the seller is the one who pays for it. Let me explain – let’s say the seller is offering a commision of 3% to the agent who represents the buyer. That commission is coming directly out of the seller’s proceeds. He/She includes that in the cost of the sale, so he/she probably raises the price of the sale price to include that hence the buyer winds up paying for the commission.

Having said that – you would be well off being represented by an EXPERIENCED realtor who will protect you through this incredible mass of disclosures and forms you will have to endure.

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Anywhere from a week to 10 days depending on the company. I do hope you submitted it to more than one company. I never just bank on one, I shop all the time for mortgages and I find that there are so many deals out there. At least apply with 3 and possible 5. Some have better rates than others.
I remember my first buying experience, no one told us what to expect. Ask your realtor and your banking institutions for other mortgage companies, go online and check them out. You don’t always buy the first house, car or piece of furniture or clothing that you see, you shop, do the same for your mortgage.