The process of finding a residence for those who are first time buying a house aka first time buyer can take a long time.
Yes, in the present day the price of the house is high. Finding the first house that fits the budget is not an easy job.
First time buyers often refuse to apply for Home Ownership Credit (KPR) due to rumors of the difficulty of the process that must be passed.
Even though buying a first house is not impossible to realize, especially if you know the tips.
So before buying a first home, it's good to understand the intricacies of the mortgage system.
By knowing the intricacies, everything needed to apply for a mortgage can be prepared carefully.
Well, here are some tips that can be applied when you are going to buy your first home with a mortgage system.
Prepare Investment Funds for the initial DP
As a first step, it is important to first commit to making this home buying program. Start opening a special account for the home buying program.
Do not mix this account with an account for everyday use. The amount of the initial deposit does not need to be too much, you should adjust it to financial capabilities.
If the target of buying a house in the next one to three years, then keep the savings fund of home purchase in low investment instruments to minimize risk.
Avoid placing funds in high-yield instruments because the risk is also high because the saving time period tends to be short. Market risks that occur in the near future can certainly affect investment returns.
Understand in advance the financial condition
Before applying for a mortgage, you should discuss it first with the bank. Calculate carefully how much DP and installments per month you have to pay.
If it is above 50 percent, the sign is, the value of the debt has exceeded the value of the asset. This clearly shows financial inadefix. Fix this ratio first before applying for a mortgage.
If the debt ratio is below 50 percent, it is likely that the bank will receive it. Banks or credit agencies may approve mortgage applications with nominal installments of 50 percent of monthly income. But the maximum ideal home installment is 35 percent of income.
Consider the Amount of Down Payment
Bank Indonesia (BI) currently has authorized the bank in determining the amount of down payment (DP).
If you have more funds, then there is no harm in maximizing DP.
Maximum DP can reduce the number of installments each month. This way it will be lighter in the future installments.
Set aside some of the costs to buy the contents of the house.
Remember, it's not just funds for DP and installments that you need to think about. In addition, also funds to buy the contents of the house.
You can't live a good life in an empty house, right? Because the need will not be met.
Prioritize to buy a household that is needed, it would be better if made the list.
Choose a home as needed
Everyone wants to own or live in a big, nice house.
But when buying a first home with a mortgage system, it would be wiser if you choose the one that suits your needs.
Remember, a big, nice house doesn't mean it's better. So, don't get hung up on this category.
Read the contract carefully
When buying a home, whether first or second and so on, you need to be very careful in reading the various contracts.
The contract can be letters or important documents from the bank or the home selling agent.
If there are terms that are not understood, then ask until everything is clear and understandable to you.
Well, those are some tips that you can consider buying a house with a mortgage system.