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First-Time Home Buyer Guide Using A Mortgage: Your Diminutive List Of Must-Dos

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Finally, you are set to bid goodbye to life in rental apartments and the inconveniences of paying an arm and a leg in rent or lease payments every year. You must be feeling excited, perhaps on the moon and can’t wait to stay in your own property. That is how it feels buying your home for the first time, and the feeling certainly befits the risk and the sacrifices you may have done.

But what you probably aren’t prepared for is the complex, daunting and energy-draining process involved in this first-time home buying process. Whether it is a flat or a big, luxury apartment, the whole experience is mostly the same. You will have to save an adequate deposit, trawl the web for juicy tantalising deals on houses for sale, find and apply for a mortgage, etc.

Lucky for you, this first-time property buyer guide eases the whole process and helps you evade the loopholes and rigours involved. Take a look.

In the UK, how much deposit do you need to buy a home?

Assuming you must have saved for a deposit, the cost required here could be 5% to 20% of the value of your preferred property. That is to say, if the house costs, £150,000, be sure to have saved a minimum of £7,500 so that you have access to a broader range of cheaper mortgages.

Find the mortgage

Before you do this, be sure to check whether you have a favourable credit score as this will save you thousands of pounds in the long run. After that, examine the market for the best mortgages, generally based on their suitability and affordability. You might have to consult a mortgage adviser or perhaps consult a mortgage checklist; both can help in your step-by-step mortgage application.

Choose the right property

When you finally know how much you can secure, start searching for the best homes that fall within your price range. A safety margin is recommended since mortgage payments are subject to fluctuating interest rates. At this stage, however, be extra keen and persistent when viewing properties available for purchase.

You will need a solicitor

Once your offer is accepted, the subsequent conveyancing process can best be done with the assistance of a solicitor. A solicitor is there to even out the whole process and ensures everything is completed in a seamless, legal manner. However, find someone you can easily access since this will need lots of meeting and signing several documents.

Exchange and completion

As the penultimate stage, your solicitor will be tasked with ensuring you sign and exchange contracts. Also, the seller will request for deposit payments (5-20%). Later in a week’s time, you will wind up on the final step. The lender wires the money to the solicitor who then transfers the funds to the vendor who hands in the key to the new home, via the property agent.

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Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees

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Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees
  • Tesla CEO Elon Musk Tweeted Dogecoin to Reduce its Fees.
  • Billy Markus planned to release a Software upgrade.
  • According to Musk, the Dogecoin upgrade Core 1.14.4 is critical.

The co-founder and CEO of electric car maker Tesla and rocket manufacturer SpaceX is Elon Musk has supported the meme token Dogecoin by revealing what will help the growth of cryptocurrency. On Wednesday, Elon Musk commented to Billy Markus aka Shibetoshi Nakamoto’s Tweet, by suggesting to lower the fees to make the crypto a more viable payment option for everyone.

Moreover, the price of the Dogecoin continues to drop, he commented, “super important for DOGE fees to drop to make things like buying movie tix viable”.  

Accordingly, In May Elon Musk noted that he was giving ideas and working with the Dogecoin developers to increase the system transaction efficiency. The co-founder of Dogecoin, Billy Markus but he no longer working on the project. He accepted and agreed with Elon Musk’s tweet and planned for a release of a software upgrade.

More so, currently, Dogecoin co-founder Billy Markus demanding operators to upgrade to Dogecoin Core 1.14.4 so it will reduce the fees to become the default setting. The Dogecoin update which was released in August contains outstanding performance improvement as well as bug fixes. According to Musk, the Dogecoin upgrade Core 1.14.4 is critical.

Current Market Status of DOGE

At the time of writing, as per CoinMarketCap, the price of Dogecoin (DOGE) is trading at $0.2069 with a 24-hour trading volume of $2,227,558,097. In the last 24-hours DOGE decreased 6.57%, similarly, in the last 7 days DOGE bounces back 14.93%. And it dropped 26.20% within a month.

And if this drop continues then it will fall to support level $0.16. The next support level is $0.14 and $0.12. If DOGE breaks $0.23 then it will surge to the resistance level of $0.26 and it might also hit $0.30

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Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

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Picture of five crypto coins lined up

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday.

Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies.

Nothing To Worry About

Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long.

Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations

Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.”

Crypto Market Holding At Critical Levels

Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.”

Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion

Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market.

Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space.

Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Investopedia, chart from TradingView.com
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Crypto Market Cap Skyrockets 5.3% to Hit $2.05 Trillion

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Crypto Market Cap Skyrockets 5.3% to Hit $2.05 Trillion