Buying a home is one of the biggest financial decisions you’ll make, and getting your finances in order is crucial. In the first episode of Keys to Your Abode, mortgage expert Tom Carmody shares key insights on how to set yourself up for success.
1. Understand Your Borrowing Power
Lenders assess your income, expenses, and credit history to determine how much you can borrow. Reviewing your finances early helps you set realistic expectations and avoid surprises.
2. Get Pre-Approval
A pre-approved loan strengthens your position as a buyer, showing sellers you’re serious and ready to move. It also helps you stay within budget when searching for properties.
3. Manage Your Credit Score
A strong credit history can mean better loan terms. Pay off debts, avoid late payments, and reduce credit card limits to improve your financial standing.
4. Budget for Upfront Costs
Beyond the deposit, buyers need to plan for stamp duty, legal fees, building inspections, and moving costs. Having a financial buffer ensures you’re prepared for these expenses.
5. Seek Professional Advice
A mortgage broker can help navigate loan options and secure the best deal. They’ll also guide you through interest rates, loan structures, and repayment plans that suit your needs.
By taking these steps, you’ll be in a strong position when the right property comes along. For more expert insights, listen to the full episode here: Ep 1 – How to Get Your Finance Right Before Buying – Tom Carmody
