Regardless of whether the desire is to purchase property valued at $200,000 or $2 million, there are some basic questions that arise in the mind of the prospective home owner. For example, How much can I borrow? What will my monthly payments be like? What are the closing charges like?
Purchasing a home is one of the most significant investments you will make. Our aim is to make home ownership an easy and rewarding experience—guiding you step by step through the entire process. Factors to consider:
Now that you've found a suitable property, we now explore what is considered to be a daunting aspect of the mortgage process – the legal documentation and in particular its associated costs.
Sometimes prospective homeowners opt to construct their dream home as they consider this to be a more cost effective solution to their housing needs. Construction does, however, add some challenges to the home ownership and financing process.
A home is a significant investment, as it generates wealth as an appreciating asset. Moreover, it also provides the homeowner with equity. Equity is simply the difference between the market value of a property, and the outstanding debt.
Homeowners, some of whom have only owned their homes for as little as 3 to 5 years, may have fast accumulated incremental value known as equity in their homes. It stands to reason, therefore, that the level of home equity that is currently being enjoyed by homeowners whose mortgage loans have been repaid by as much as 50% or more, represents significant wealth in terms of their equity in the existing property. Bear in mind, however, that this equity only translates into cash if the homeowner decides to sell the house or access an Equity Loan.
In evaluating your financial position, you may consider how you can make your home equity work for you.
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Mortgage Guidance
