The purchase of the first home is an economic operation and so important in life that it needs reflection. Acquiring the first home is a unique moment and will depend on the state of personal accounts for many years. Therefore, it is convenient to analyze the operation and only sign a mortgage if you are able to assume it.

In this article, seven keys are offered that must not be forgotten in order to buy the first home: knowing that the loan will only cover 80% of the value of the home and choosing the best mortgage, until taking time and letting oneself be advised by professionals.

1. Have the Amount Not Financed

Due to the characteristics of mortgages at this time, it will be more necessary than ever to have a savings account for the purchase of the home. It cannot be forgotten that the financing lines of these loans do not offer more than 80% of the amount of the property. To solve this small problem, there will be no solution but to provide savings to sign the contract with sufficient guarantees.

2. Take Advantage of Conditions for Young People

Young people can benefit from the best conditions that banks present in the credits for the acquisition of a house. In the majority of the occasions, the mortgages for young people are commercialized with a reduction in the type of interest, as well as the elimination of the main commissions. In this way, savings will be enhanced at the time of satisfying this demand.

3. Dedicate the Appropriate Time for the Purchase

The first home is something so important that it does not solve the operation in a short time and very quickly. It will require a lot of calm in the search until you find the desired floor and not make any mistake that you can regret later. For this, it will be vital to analyze all the facilities of the house, as well as the area where it is located. In this sense, we must not forget that it will be the place where much of life will reside.

4. Advice with Professionals

The lack of experience in this type of operations can be solved by collecting the proper information that professionals in the sector like expert mortgage advisors of Get Me My Mortgage can provide. In addition, it can always be very useful to be able to receive advice from someone, from a more intimate setting who has gone through this scenario. In both cases, they will give the guidelines to optimize this operation.

5. Define the Term of Amortization of the Mortgage

One of the most important aspects in the acquisition of the first home is the term of the mortgage. In order not to make mistakes in the calculations, it will be very beneficial to analyze the monthly quota that will have to be faced for the contracting of this financial product, knowing at all times that, at least, it will be valid for the next 20 years and that its conditions must be met. In this sense, it will be very useful to also have unforeseen expenses that may arise at some point during this period.

6. Adjust to a Real and Objective Budget

Being the first real estate operation, there will be no choice but to circumscribe it to some objective approaches. Not in vain, many years will remain until the mortgage loan is amortized. You cannot fall into such habitual mistakes as being taken by a house or living beyond personal possibilities. On the contrary, it will have to adjust to the income that is had.

7. Contemplate the Additional Expenses

One of the factors that must be taken into account in the purchase of the first home are the expenses it generates: both in those that refer to the mortgage (commissions, notary or administrative processes), as in those produced by its use (domestic bills, community expenses, reforms, etc.). Not in vain, both disbursements can misalign the budget for the coming years.

Any error caused by inexperience or as a result of a failure in the calculations can have long and serious consequences.