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Purchasing your first home
There is a lot to consider when purchasing your first house, but it does not have to be a stressful experience.
If you’re looking to get your foot on the first rung of the real estate ladder, it makes sense to enlist the help of a team of specialists. Your first home could be right around the corner if you have the correct help and direction. We are your doorway to the most recent lender programmes and rates, providing you with the greatest financial guidance to save you time and money while you focus on choosing your new home.
Credit score
A credit score is a measure of a borrower’s capacity to repay a loan based on previous loans or financial obligations. A low credit score makes you a riskier borrower, which can limit your ability to obtain a mortgage or raise the interest rate you are offered.
Credit cards, overdrafts, all loans (including personal loans and payday advances), hire purchases, and your payment history for power bills and phone bills if they are offered on credit – which most are – are all factors in your credit score.
Your credit report is retained for up to two years, and if you’ve ever defaulted on a payment – meaning you were more than 30 days late and the company had to take action to get you to pay – that default stays on your record for up to five years, even if you paid what you owed.
Your report assesses a variety of aspects, including:
- Credit History Length
- Added Credit
- Payment Record
Lenders face the following risks:
Opening a large number of new accounts in a short period of time implies that you may be in financial problems.
Short-term accounts imply that you may be at danger of defaulting on your loan.
Number of defaults – Having a lot of defaults indicates that you’re not very excellent at managing your money.
A little credit history makes you an unknown quantity; lenders prefer to have a lot of information on you.
You can check your credit score by visiting one of New Zealand’s three credit reporting agencies: Equifax, Dun & Bradstreet, and Centrix. You are entitled to a free copy of your credit report, so make sure to select the free option when buying it from the agency’s website.
How to improve your credit score
- If your credit score isn’t where you want it to be, there are steps you can take to improve it.
- Pay your bills – Make certain that your bills are always paid on time. Set up automatic payments or set yourself reminders.
- Pay down your debts – strive to owe less money overall; pay off credit cards and personal loans, and avoid opening new accounts.
- Maintain your accounts – even if you don’t use your credit card, keep it open to demonstrate that you have a credit history.
- Check that your credit report is accurate by requesting it from all three companies and ensuring that there are no errors on your report. If you identify any mistakes, please let us know.
Refinancing your home loan
You don’t have to be a prisoner to your mortgage – we can find you solutions regardless of why you want to change.
If you already have a mortgage, we can help you work with lenders to find a deal that fits your needs. Even if your lifestyle changes, this might save you a lot of money.
Purchasing real estate Purchasing an investment property
Making a good real estate investment requires expertise rather than luck.
It’s also an issue of expertise, time, and getting the appropriate guidance. We can assist you with all of these things, including bringing you to your property investment goals and avoiding any pitfalls along the road.
Bad credit loans
You don’t have to give up your ambition of purchasing a home because you have bad credit. The banks may believe you’re a risk, but we know you’ve probably just had a few unexpected occurrences happen to you.
Jin Mortgages does not give up when the answer is no. We think that everyone should be able to reach their goals, so we will pursue every conceivable option to get you there. If you’ve had problems borrowing money due to bad credit, contact us and we’ll offer you a second opportunity at acquiring a mortgage.
Debt consolidation
If you have a home loan, we can help you pay off your debts by extending your mortgage to cover them. The main advantage is that you will pay less interest on your debt than you would with a personal loan or credit card.
The second option to consider is a personal loan from a general lender, which has higher interest rates than a home loan but is usually lower than a credit card.
If you do not qualify for a loan from a traditional lender, you may be able to resort to a debt consolidation specialist. You should be informed that because of your debt, you are unlikely to qualify for the low interest rates advertised by these lenders.
The benefits of debt consolidation loans are that you only have to handle one payment and one creditor, and you usually have a cheaper interest rate.
Paying off your Mortgage faster
When you initially acquire a home loan, it can be difficult to understand what $200 means when you owe $750,000. However, putting any additional money into your mortgage immediately away helps those extra payments become a habit. Your tiny payments add up over time, saving you money on interest.
- Some examples for paying off mortgage faster
- Make extra payments wherever possible – starting from the beginning.
- If interest rates decline, do not reduce repayments.
- Review, Refix, and Refinance are the three R’s.
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