Roadmap To Your First Mortgage

You are ready to buy your first home. You have saved your down payment, you have a rough idea of which neighbourhoods you want to buy in, and are eager to take that next step. What do you do?

Find Out How Much Home You Can Afford

The very first step is to know your buying power. This will inform all the other steps you will take during this process.

After creating an account on H28, you can take the affordability test on your dashboard. You will instantly be told how much you can afford.

If you want to increase that number, no worries! H28 can help you to get home and mortgage-ready with insights and personalized recommendations.

Once you are ok with the number, you can move on to the next step.

Get Pre-Approved

This is pretty simple and straightforward. Pre-qualification is a formal acknowledgment from a lender that you can afford a home within a specified range and that they have committed to providing that amount when you settle on the property you want.

The lender will give you a letter indicating the amount you are pre-qualified for. You can now use this letter to start viewing homes.

Find a home

Now that you have been pre-qualified, you can start house hunting. You have a couple of options; you could use an online platform like PropertyPro or Private Property

You could also work with registered agents. With this option, you need to be careful about the kinds of agents you choose to work with.

For H28 users, we have a list of carefully curated properties directly from the property developers we work with. They also offer exclusive deals to H28 users and we can make them available to you on request.

Make An Offer

When you find the property you want, you now have to make an offer to the seller. You are not under any obligation to buy the house for the asking price. You can make an offer based on what you have been pre-approved for.

It’s also important to understand that property prices are set by demand and supply. If there is a high demand for the property you want, you might not have much wiggle room during negotiations.

*Hint: All property prices are negotiable

Inspection and Approval

You don’t have to worry about this part. The bank or mortgage company will take care of it by hiring a 3rd party company to conduct the survey and inspection.

The goal is to confirm that the property is in perfect condition and has everything that has been advertised. It is at this stage that the documents are checked and verified.

This will usually take about a week before the results are out.

Renegotiation

After the inspection, there might be minor issues that arise and might prompt you to renegotiate the price.

For example, if it turns out that you might need to make a few repairs. However, this is not a required step and might not come up at all if you are buying a newly built home.

Closing The Deal

You did it! It’s been a long process but is finally at the end. From this point onwards, you can relax. The deal is almost done and the bankers will handle it from here.

The home-buying process is no joke, and getting here is an achievement in and of itself.

For H28 users, we handle the entire process for you while you can monitor the process on your mobile device.

Our aim is to make the entire home-buying process as easy as possible for you. We won’t rest until you move into your home.

Click here to get started.