You must visit one or at least two times and check some important things before thinking to buy a new home and having a mortgage. What is the price and annual charges that come with the house (heating, taxes …)? When will you be able to move (date of occupation)?
When you visit, look at the size of rooms, how they are heated, how plumbing is, what are appliances included in house sale.
House inspection
If you are not satisfied with your home purchase, there is no money back guarantee! It is a good reason to identify the “hidden defects” of the house before getting your mortgage. To ensure the competence of the inspector you hire, select a member of a recognized corporation (architects, engineers …).
Purchase Promise (just before your mortgage)
You find the house of your dreams? It is now time to make it official. A real estate agent will help you and use a form of her association; otherwise, you can get it in a bookstore.
Conditional promises are possible (after the inspection, to obtain a mortgage) because if you sign, you commit yourself to purchase the house except in cases of non-compliance with a conditional clause.
Home Mortgage Loan
The minimum for down payment varies from 5% to 10% depending on the type of house purchased. When the amount of the mortgage exceeds 75% of the cost of the house, the law requires the buyer to take mortgage loan insurance.
The cost of mortgage depends on the capital borrowed. Its range varies from 0.75% to 4.25% of the loan. Some kind of government funds could help the buyer to provide a down payment for a first home.
Solicitor
The role of solicitor ensures that everything is legal and compliant (title, location certificate, etc.). He records the transaction and helps you to be sure your mortgage will be correct.
