Five things to consider for first-time home buyers
Purchasing your dream home may be one of the biggest investments you’ll ever make, not just with your hard-earned money, but especially with your time and effort.
For first-time home buyers, kickstarting this process can be a bit nerve-wracking so as you take this big leap, here are some tips to keep in mind to ensure that your home-buying journey is smooth-sailing.
1. Find the right fit
Choosing a home goes beyond just aesthetics. Before making your big purchase, it would help to make a list of all your non-negotiables, and nice-to-haves. When looking for a home, you’ll be bombarded with several options so it’s important to determine which features weigh the most on your list, and which ones you can let go of.
With this, you’ll be able to prioritize home features that you can’t live without – perhaps that’s easy access to public transportation if you’re working in the city, or a nice spacious garden if you’re a budding plantita.
2. Be sure you’re ready to commit long-term
The repayment period for a home loan can take as long as 25 years. So before taking this big step, be sure that you’re 100% ready for homeownership and all the fees and payables that come with it. This entails having a stable income to support this investment, as well as an emergency fund that can cover at least six months of expenses.
3. Put aside funds for your closing costs
Home loan costs do not stop with mortgage payments. If you’re considering buying your first home, you should also allocate a budget for closing costs including insurance, title transfer, and appraisal fee, among others. The good news here is there are banks that offer ways to help with these fees – so you have one less thing to worry about when building your dream home.
Metrobank, for example, is making the PHP5,500 appraisal fee FREE for Metrobank Home Loan borrowers who will submit their complete application today until March 31, 2023. With this, starting your big property investment this year is much easier. To know more details about the promo, simply visit https://www.metrobank.com.ph/promos/free-home-loan-appraisal-fee.
4. Choose a trusted bank for your home loan
When taking the big step on purchasing a home, it’s important to find the right partner to help you. You need a reputable bank partner that offers flexible payment terms, affordable interest rates, and minimal requirements for a hassle-free experience.
On top of Metrobank’s free appraisal fee offer, the bank also ticks these three key items on your list – allowing you to avail of a loan term for a maximum of 25 years, with affordable rates, and with minimal requirements needed for approval.
5. Save physical copies of your paperwork
Once you’ve made your first home purchase – don’t forget about the paperwork! Make sure to keep a physical copy of your mortgage statements, deed, and other documents in a secured, fireproof, and waterproof case. This is especially helpful in the event of emergencies.
Buying a home for the first time shouldn’t be overwhelming – especially if you are well-prepared, and are supported by a trusted home loan partner. Once you’re ready to purchase your dream home, Metrobank can help you take that big step. You can apply for your home loan at the nearest Metrobank Branch or through the Metrobank website, https://www.metrobank.com.ph/application-form.
Metrobank is the country’s second largest private universal bank with an extensive consolidated network that spans over 2,300 ATMs nationwide, over 940 domestic branches, and above 30 foreign branches, subsidiaries, and representative offices.
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