Article provided by Anthony Morgan, Communication Officer, JN Group

The mortgage process can seem complex and lengthy and, for especially first-time home buyers, could seem intimidating. However, the mortgage process can be smooth and timely if you’re prepared. Here are some tips to guide you along your journey.

Check on your financial health.

Budget, save, and reduce your debt.

Preparing for a mortgage means assessing your savings, debt, and future obligations, which could affect how much you can afford. You may need to manage your expenses to save more to finance your deposit and other mortgage-related costs and reduce your debts to make room for future mortgage payments and other housing costs.

Check your credit score.

A check on your credit history is among the first thing lenders will do to determine whether you have a good financial footprint and repayment history. Therefore, you should check what’s on record about you. The better your financial footprint and history of repayment, the better your score and the easier it will be to negotiate the desired rate.

Get pre-approved by a mortgage institution.

The pre-approval process is about looking at your total financial health, and this will tell the realtor or vendor what you can afford to pay for a mortgage. This process is free.

Start the process!

Do your homework.

A mortgage is a financial commitment that a homeowner often must live with for years, so it’s important to research loans, rates, and brokers exhaustively before signing or committing to anything. You’ll want to shop for the financial institution that meets your needs. For instance, JN Bank is the foremost mortgage expert in the private market and will guide you every step of the way. They offer various mortgage options, and because they are a member of the JN Group, you will have access to other products and services that you’ll need as a new homeowner, such as insurance, at reasonable rates.

Mrs Petal Hall, Sales Executive at the JN Group, advises: “You need to ensure that the mortgage provider you choose is looking out for your best interest, and they will make the process easier, not more stressful.”

Get organised.

Lenders tend to require a lot of documentation as part of the mortgage approval process, so it’s a good idea to gather everything before you apply. When you reach that stage, you can immediately hand over all your paperwork to your loan officer, saving you time to focus on other important matters.

For more details on our mortgage process, please call, visit www.jnbank.com or a branch closest to you.