a stack of dollar bills

Borrowing in pursuit of a new home is inevitable for those looking to turn from a renter into a homeowner. Bucking the landlord and controlling the appliances, décor, and value of your home is a freeing experience that many renters aspire to, but securing the loan balance that you will need to purchase your home can be trickier than many buyers and borrowers might initially realize.

Home loans come in all shapes and sizes.


Homeowners on the hunt for the perfect lender will quickly learn that home loans are not a one size fits all solution to the home buying process. On top of that, no two homes are the same. This makes the buying and borrowing process a convoluted set of negotiations that can easily confound a first-time buyer and a seasoned homeowner alike.

For example, in Australia, first-time buyers are growing older, but this also mirrors the statistics around the world. This trend is long in the making and appears to be accelerating as the years continue to go by. Certainly, the additional wait to call a property your own can be a downer for those looking to become homeowners, however, the added time that average first-timers must endure can be a blessing in disguise.

The additional saving timeline can help you put away less of your monthly take-home pay over a slightly longer duration. This will reduce some of the strain on your short-term finances and help you prioritize more of the things you love to do with your free time.

In addition, homes these days are often selling with additional work that must be done to get them into proper order. This has always been a consideration for buyers, but more and more borrowers are looking for homes that have up-to-date constructions such as sturdy roofs. If you’re moving to Oregon or Washington state, for example, you may want to be on the lookout for commercial roofing in Portland and Tacoma in order to replace or repair aging home coverings. Borrowing additional capital for these startup expenses is going mainstream.

Think about the immediate quality-of-life upgrades baked into your mortgage cost.


A home loan is a godsend for those looking to purchase their first home. Home equity is a major consideration when it comes to buying and maintaining your new space, and the line of credit received for the purpose of creating ownership over this property can be leveraged in many ways to assist you in the journey of a homeowner.

One is in learning how to raise your home’s equity. Your home equity is a life raft during periods of economic instability and improvements to the home, especially in the early years can really boost the resale value for the future when you decide to move on to a new property that better suits your family’s needs.

Quality of life upgrades financed through your initial mortgage or a secondary home equity loan can really improve the lifestyle that you and your family enjoy in your space. Adding in a new porch, updating an old kitchen, or building an extension to create a guest room or home office to contend with coronavirus-related uncertainties about going back to in-person office work are all great ways to create a new and vibrant space to support the kind of life that you lead.

Whatever way you utilize your home loan, know that planning for a new mortgage starts years in advance of a buying opportunity. Purchasing your first home, or a new space for your family to continue growing and changing is a part of life for millions of prospective homebuyers. Make sure you approach the loan application process with an open mind and a strategy in order to get the most out of the encounter.

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