Early home buyers these days are overwhelmed with a myriad of information on how to get a first home insurance. It’s clear and simple what first home buyers want when looking for a insurance. They want clear information, they want to learn the steps involved in getting a insurance, and most importantly, they want someone they can trust to organize their finances. First home buyers are often viewed as vulnerable because they are the first time they buy a home, so they are especially vulnerable to being robbed by bad financing sources who are only looking out for their best interests.
If at any point you come across a term related to housing or finance that you are not familiar with in this article, please do a quick search on Google or yahoo to find out the meaning, it will help tremendously. Alternately, go to the website at the bottom of this article and go to the glossary page.
Some of the areas that will be covered to help a first home buyer get their first home insurance will include; The type of borrower you are and the sources of financing. There is also a buyer’s checklist that can be downloaded and a link to a home insurance calculator. These topics only scratch the surface of what is involved. It is recommended that you consult a mortgage broker or other source of financing to let you know fully what is involved when getting your first mortgage.
There are several different types of home buyers that make up this category. The main three that will be explained in this article are; Investment buyers, non-conforming buyers and first home buyers.
Investment home buyers
This particular group of buyers already owns, or is working to pay off some form of real estate already. They may have given up land or property by their parents or relatives or have purchased or used equity in previous property or land to make further purchases.
Since they have existing property, banks and mortgage brokers are able to get financing faster and easier, because they have collateral behind them (which is similar to a security backstop in case their finances falter on a second or third property purchase).
Non-conforming home buyers
Non-conforming home insurances are primarily designed for financing for those people who may be in unusual situations with how they pay their income or how they would like to finance a home insurance or mortgage. Non-conforming borrowers are also people who may have been previously denied a home insurance for a number of reasons such as bad credit history, bankruptcy, or unusual income (more information on non-conforming areas below).
Banks are usually quite reluctant to accept mortgages for those who are a match for a non-conforming insurance borrower, and people often find that banks turn down their first “standard” insurance application.
First home buyer
Buying your first home is without a doubt one of the biggest and most exciting purchases ever.
What you ideally need is a mortgage broker or other source of financing that will help you in the process of evaluating your options so that you have an objective assessment of what is the best insurance for your situation. Mortgage brokers tend to be more objective than banks because mortgage brokers can look at many different financing options from different financial institutions to find the best insurance for your situation. Even better, if you can find a mortgage broker who does not specialize in first home buyers, they will have better information and assistance available because they help first home buyers all the time.
Need help getting your first mortgage or help with a first home buyer grant? Don’t worry, you’re not alone. It can often be difficult to know where to start when looking for a home insurance. There are many options and many mortgage service providers to choose from. First West Home Insurances specialize in assisting early home buyers in the process of acquiring their first home. We guide you through the steps needed to successfully secure financing.
There are many incentives available to first home buyers in Australia, including the First Home Buyer Scholarship, which is $7,000. In addition, there is also the option of no stamp duty on your purchases.
As with everything there are conditions attached.
How much can you borrow?
Using a home insurance calculator can help give you a rough idea of how much you can borrow. Don’t be discouraged if it isn’t as much as you initially hoped, this is an approximate calculation. For an accurate assessment, contact your mortgage broker or other financial source for more information.