FNB Home Loans : First Time Buyers

FNB home loans offer great rates for first time buyers. However, you have to be aware of the fact that there are  many pitfalls to avoid when buying your first home.

Buying a home is an emotional event which can cause you to underestimate all the cost involved in purchasing fixed property.  Sometimes you need a step (or two) back and look for an objective opinion.

Limit your desires

First time buyer loans from FNB Home loans allows you to finally buy a house…but do it sensibly and watch everything first and be realistic. Consider also the following:

  • Manageable debt: For most of us a home loan makes a big debt part of our first house. Even if you get a mortgage from FNB Home loans you have to make 100% sure you’re able to afford the repayments.

Think of the future.  Is your job safe? What happens if interest rates rise significantly? This is all possible in these times of financial crisis. So be careful and make sure your debt is manageable.

  • Location: I know its great to get a place close to down…Everything is so close, but there are plenty of disadvantages. What if it is very busy and it takes you a  long time to get to work? These are the kind of things you should take into account.
  • Plan for change and growth: You cannot escape it. Perhaps you have plans to extend your family – children, pets, babysitter, shops, kindergartens, schools, medical facilities, public transport…it all increases your monthly expenses
  • Ask lots of questions  and don’t just take the first offer you get from FNB Home Loans. Compare home loan packages from different lenders and make sure you choose the best home loan for  you and your family.
  • Research carefully, make sure you obtain as much information about the houses you’re interested in, spend as much time as you need to really be aware of the options you have. Remember, this is likely the most important decision that you made so far.

Get an independent opinion

If you buy a car without you all checked out? Probably not. A house might cost you 30 to 40 times more. If you want to buy a house, make sure you have very well inspected before you buy.

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