Step By Step Guide To Mortgages
This is our step by step guide to mortgages for first time buyers.
For many of us buying a house and securing a mortgage is the biggest financial decision of our life .We strongly believe that Important financial decisions should be supported by appropriate professional advice.
Over one million people have visited our site and we are delighted that many of our visitors have chosen us to arrange their mortgage for them.We hope that you will also choose us as your adviser.
We provide a full range of services to meet your needs in financing the purchase of your property. We make clear recommedations as to why you should choose a particular product. Our services include:
- Advising on the best mortgage product
- Advising on suitable lenders
- Advising on appropriate rate structures to meet your needs(variable fixed etc)
- Providing advice and recommending protection and life insurance products
- Arranging Low cost home insurance through our Home insurance group schemes
- Savings you hundreds of euro through our network of low cost solicitors
- Arranging valuations and structural surveys
To find out more about us click this link. Why Us
Use our website to gain knowledge
- Our website has evolved over many years.It changes constantly to keep you informed about the mortgage market .
- Please review the latest lending criteria in the notes to our .How much can i borrow calculator
- We hope that through using the site's calculators and browsing the various articles you will gain a greater understanding of the process and where we can help. Please feel free to call us any time if you need assitance.
- In essence our site is a tool for saving you money .
Call us or apply on line and start gathering your supporting information.
- Once you have had time to review the site please apply online.
- Each application or query is handled by an experienced mortgage consultant.
- Following an application your assigned comsultant will contact you and give you an initial assessment of your position.
- Assuming you qualify in principle for a mortgage suitable for your needs,your consultant will make arrangements to meet with you.
- If you do not currently qualify we will explain the basis for our assessment and we will advise you what is needed to qualify in the future.
- Your appointed consultant is available to you from day 1 through to completion
- We operate throughout Ireland and we are also available to non residents buying in Ireland.
- You will be asked to assemble certain information,details of which are set out below.
- Click here to view Documents required for mortgage approval
- Click here to download your Salary Cert
We recommend that you set about assembling the documents set out above so that the approval process can be as efficient as possible.
Meeting our clients in person
We always meet our clients in person.We will arrange meeting times and venues to match your needs,
This is a key element of our process and it gives you a chance to understand fully the services we provide and also gives us an excellent opportunity to identify your unique needs.The meetings covers many areas including:
- We identify your risk preferences and needs.
- Advise on the nature of our business and our terms of business
- We examine your borrowing capacity and your repayment options
- Completion of application forms
- Review of all supporting documentation
- Preliminary advice of lender options
- Discussion on our application process
- Financial fact find
Presentation of applications to lenders
Following our meeting we
- Analyse your proposal in detail
- Ensure that we have all the relevant supporting documents
- Seek explanations where appropriate to support the application
- Review lenders
latest lending criteria as it relates to your circumstances
- Prepare letters of recommendation for our lenders.
- Review lenders decisions in the light of your mortgage requirements
- Where appropriate challenge the lenders decision by argument and through further supporting documentation
- Communicate lenders decision to you
Finding a house!
Finding and buying your first home is an exciting experience.It is a major decision but it is usually good fun .
- With your mortgage approval in hand you are in a position to bid and agree a property purchase.
- Buying at the right price is the cornerstone of any purchase.It is important to remember that information is your best asset.The more information you arm yourself with the better the final decision.So when you have narrowed down the area in which you want to buy make sure nothing happens there without you knowing!
- Generally a (refundable)booking deposit will secure a property deal and this deposit is followed by the seller sending a contract to your chosen solicitor.
- Our consultants are there to assist you in the negotiation process if you so wish.Don't forget this Is a buyer's market!
- The good news for first time buyers today is that house prices are probbaly around 35% cheaper than they were at their peak and there are plenty of bargains out there when compared to prices of 12 months ago.
- We also strongly advise( if for some reason you don't choose us) that you never to engage a mortgage advisor who is part of a estate agent business.There is a clear conflict of interest in such a situation and it works against you.
- Remember that Estate agents act for property sellers so you can take it that they are not acting in the buyers best interest. Neve tell an estate agent your mortagge approval limit!.
Choosing a solicitor and arranging insurance
- We operate a group home insurance scheme through Hibernian and another group scheme through Glennon Insurances
Signing offer letters and contracts
- Having agreed a sale ,paid a booking deposit and appointed a solicitor ,the next step is for us to arrange a valuation of your property.
- We will arrange this for you and the valuation will be forwarded to the chosen lender ,who in turn will issue a formal mortgage offer letter in respect of the property.
- We will review the financial element of the offer and ensure that it is in accordance with your requirements.Your solicitor will review the legal element of the offer letter and advise in this regard.
- Around the same time the seller's solicitor will issue a contract for sale of the property to your solicitor.
- Your solicitor will not let you sign contracts for the purchase of the property unless the offer letter is in order.You will need to attend the solicitors office to sign both the offer letter and the purchase contracts.
- Following the completion of the purchase the contracts are returned to the seller and a closing date is agreed.
- We will ensure that the life cover and home insurance is in order prior to closing and that any special lender conditions are dealt with prior to closing.
- A few days prior to closure the solicitor will request the loan cheque from the lender and will arrange for the completion of the transaction on the closing date.
After that its all yours.