A Home Loan You Can Afford
With the help of a mortgage calculator, anyone hoping to buy a house can get an answer to the question, how much can I borrow?
What’s important to remember however, is that this should only be used as a guide.
While it is based on your income and expenses, the figure it will give you will also come with a monthly repayment amount.
Take a good look at this number. You may be technically able to borrow what the calculator says you can, but if the monthly repayment it proposes seems beyond your capabilities, it may be that you need to revise your borrowing potential.
As well as tax, debt obligations and the cost of living, chance can also throw up unexpected expenses from time to time.
It is important to have enough financial breathing space to be able to afford these unpredictable costs, while still making your loan repayments comfortably.
If you are not sure about how you will be able to handle loan repayments, it is a great idea to talk to a mortgage professional about structuring a loan that you can afford with minimum hardship.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.