The majority of first time buyers in Malta are so excited about the opportunity to purchase their new home that they can be forgiven for making mistakes when applying for a mortgage. Still, there are some things to consider well before the critical days. The complete contract you wish to sign and everything in it must be read very, very carefully. Following a few simple rules can save you a lot of trouble. Let us explain.
Look at the lender's reputation
With so many mortgage options available, it can be difficult to determine which one is the right one for you. An important rule of thumb is to apply for loans only from one of the major banks. They may charge a slightly higher interest rate, but they offer more security, better service and support you can relay on.
Carefully consider how much you need to borrow
If you recently bought a new home, we are always happy to earn extra money. The most important thing to remember is to be honest about your income and expenses, and your bank's income and expenses! Think realistically about what you can afford, at least for a limited time. Bare in mind that interests can change over time and 20 or 30 years is a long, long time. Check out the latest prices of different properties, like penthouses for sale in Malta, to get a good feel of the current state of the market.
Having a good credit history helps. A lot!
Your credit score is important. Very, very important! When applying for a mortgage, lenders almost always check your creditworthiness. They don't want to feel uncomfortable with what they find. Bring proof of loan repayment when applying for a mortgage. This gives you confidence in your outstanding mortgage obligations and shows that you are up to your skill level and decency.
Loan Pre-qualification
You may have heard of the importance of being pre-aporoved for a loan before buying a new home. This means that you already have a working relationship with a mortgage service, which will give you an estimate of the amount you can borrow. This way, you can avoid unnecessary frustration (and a waste of time) of falling in love with an asset that you cannot buy later, because one that you cannot buy later is an asset that you can buy.
Your job matters
When you are looking to buy a home, a stable employment history is important. You need to show stability and continuity of income in order to pay off the loan. Requirements depend on the nature of the job, and sometimes you can only get a loan if you have a steady job for a specific period of time. Depending on your situation, you may need more information about your work experience and income. There are different income situations and the lender can share an acceptable form of income with you.
Think of the future
Changes is the only thing in the Universe you can be 100% sure of. Mortgages are often tied to the age of retirement, but bare in mind that other options also exist. These days you can see government-sponsored mortgages offered by some banks, such as APS and “government-sponsored” mortgage incentives.
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