Now that you’ve saved a tidy sum, you should start the search for your property. Remember, the younger you are, the more time you have to pay your mortgage.
- The first step is to consider where you want to live. Are you looking at a townhouse/gated complex, detached house with huge land space? The aim is to buy what is suitable for your lifestyle and what you can afford
- After you have decided where you want to live, get pre-approved
- Also if you have loans outstanding, it’s better to pay them off rather than taking out another loan to assist with the mortgage process, as this can affect the amount you are pre-approved for
Getting pre-approved
Getting pre-approved for a mortgage is crucial, as it provides proof to real estate agents and sellers that you are financially capable of securing a mortgage.
Here’s what you need to do to get pre-approved:
- Click here to visit the JN Bank Mortgage Centre and call or email one of our JN Bank representatives.
- Have your documents, detailing your income and expenses, ready. These include:
- Your most recent pay slips or income verification letter
- A completed statement of affairs (monthly income and expenses) form that will be provided by your JN Bank representative
- Driver’s licence, passport or another valid form of identification
- Completed credit report forms that will also be provided by your JN Bank representative. If you’re residing overseas, you’ll need to include your credit score
- After we’ve concluded our assessment, we’ll hand you your pre-approval letter, which is a brief document that will provide you with an idea of the price property you can afford.
- Finally, take your pre-approval letter to your realtor and start a conversation.
That house can be yours!
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