Steps in Getting Quick Home Loan Applications for Newlyweds

June is a popular wedding month in the country, and with this comes planning for your perfect house. Buying a first house and lot Philippines is often a shared experience between a newlywed couple, either right after the big day or not much before. All parties involved are excited to begin their new lives together.

While some engaged couples may purchase a home before they even tie the knot, the vast majority of couples continue renting for at least a few years before making the plunge into homeownership. After the wedding, the couple will then begin their lives together in the home they have been looking for; thus, house searching is an exciting next step.

Making monthly mortgage payments as a newlywed couple may be both an exciting and stressful experience. If you're ready to take the plunge, here are some steps for newlyweds looking to purchase their dream house together that should make the whole home-buying process a lot less daunting and stressful.

Getting a Home Loan: Home Hunting Tips for Newly Weds

There are always some added difficulties when a newlywed couple rushes headlong into property ownership. You'll have to check the credit score for both of you and deal with twice as much paperwork. With a wedding and a new dream home on the horizon, this is definitely the right time to start thinking about the monthly mortgage payment, as well as the down payment and closing costs questions you'll need to ask.

Check out these steps when house hunting and getting a housing loan as newlyweds:

Step 1. Check the status of your finances.

When buying a house for the first time as a couple, it's crucial to take an early look at your financial standing. Before committing to anything, it's a good idea to do a financial checkup with your partner. You'll know what's feasible and what isn't, which will help you plan your next steps more sensibly.

It's important to sit on it and be really honest with your spouse regarding your monthly income and financial status in general. You don't want to get married and then find out your new spouse has a lot of debt from gambling or other bad investment. To put it bluntly, that's a terrible way to get yourself into some serious financial trouble.

Step 2. Build a home savings account.

Save money in a savings account to go toward a down payment on a home purchase. If you are able to save up enough money to pay for your home outright without having to drastically reduce your regular expenses, then all you will need to put toward your down payment will be funds for minor items like furniture, utilities, fees, taxes, and insurance.

However, remember that saving for a down payment is still necessary if you require a loan to buy a home. That percentage is typically between 10% and 30% of the overall value of the affordable house and lot for sale. If you want to buy a multimillion-dollar home, you'll need hundreds of thousands of pesos in savings to put down as a down payment for the property's selling price.

Step 3. Build a good credit score.

One indicator of financial fitness is a person's credit score. When you got a good or high credit score, you'll be able to get additional loans quickly and easily.

If you're intending to buy a home with a partner in the near future, you should start working on building your credit as soon as possible since doing so may take months or even years. If you use a credit card, don't go above your limit. Always make on-time payments of your monthly debt. In the same vein, all of your other outstanding debts will remain in good standing.

Step 4. Learn about your home loan options.

Make an informed decision about a mortgage redemption insurance and loan processing fee by gathering as much information as possible before applying for one. Obviously, some possibilities will be superior to others. The Pag-IBIG Fund isn't the only place Filipinos may get a mortgage. A number of other banks and lending organizations also provide diverse options for homeowners. You can talk to a bank loan officer to get some ideas for your mortgage loan and home loan tips for newlyweds.

Step 5. Start the home loan process with a preapproval.

If you know that you don't have the financial capacity to cover the purchase price and all of the upfront expenditures for the real estate property, this is one of the most useful pieces of advice you can get.

It's a good idea to be pre-approved for a loan before you get attached to a particular house. As a result, you'll have a better idea of how much of a loan you can afford to take out. If you're aiming for something you know you can't reach, adjusting your expectations is a good strategy.

Step 6. Search for licensed real estate professionals and trusted developers.

When looking for a home as a couple, it's in everyone's best interest to only deal with a licensed real estate broker and real estate agents. Knowing your future is being handled by an expert in the industry might help you relax and sleep better at night. The ideal real estate agent should also be able to offer you some useful guidance and information.

Lumina Homes, the Right Family Starter House for You!

You should take this into consideration as the ideal piece of advice for first-time homebuyers. Check out a developer's history through the web. Look at the typical home price in the area, developer's sales administration, monthly payments, the crime rate, the quality of local transportation and other upcoming infrastructure projects, and the availability of nearby medical facilities and educational establishments.

Newly married couples can now get an affordable house and lot perfect for those who want to start their own family!

Lumina Homes, being one of the most trusted and leading developers in the country, provide various practical starter homes for Filipino families. Find the right house in our diverse line of home model units such as:

Angelique Townhouse

The Angelique Townhouse Model is a two-storey home that occupies 35 square meters of space on a standard 36 square meter lot. Besides a living room, dining area, kitchen, a provision for two bedrooms, a bath and toilet, and a carport, each home model also has a service area.

Angeli Townhouse

Angeli Townhouse is a two-storey property unit with a floor space of 42 square meters and a lot area of 36 square meters. You'll find a living room, kitchen, and dining area all conveniently located next to one other, as well as a service space, a single bath & toilet, and a garage in this provisioned three-bedroom townhouse.

Adriana Townhouse

With a floor size of 44 square meters, this 36 square meter lot may accommodate 2 bedrooms on the upper level. On the other hand, the kitchen and dining area, toilet & bath, and living area are located on the ground level. The property may be on the small side due to the connected home next door, but the front may be used as a porch. It also includes a parking space and a service area at your disposal.

Bettina Townhouse

This home's vertical layout makes the most of its standard 36 square meter lot size; its 44 square meters of living space are split between two bedrooms, a living room, dining area, kitchen, one toilet & bath, a garage, and a service area.

All these house models are available for home loans through bank financing, giving you prime experience for your homebuying journey. Schedule a site tripping and personally see these Lumina Homes units now!