A Simple Guide to Your Home Loan
Once you’ve made the decision to buy your first home, it’s time to get serious about how you are going to finance it.
Here is a simple guide for how you should go about tackling the challenge of thinking about your home loan for the first time.
What can you afford?
What everyone wants to know is how much they can borrow. You can find out by using a how much can I borrow calculator.
This will give you a figure that should be considered as a rough guide to help with planning and house hunting. A broker can help you arrive at a more accurate reading.
How much can you get?
Once you’ve established your borrowing capacity you need to work out what sort of loan you want.
There are many types with different combinations of features, so talking to a mortgage finance specialist will help identify which loan product is the best match for you.
Can you get it pre approved?
With the loan you want in your sights, your broker will help you arrange home loan pre approval. Then you’ll be ready to find the first home of your dreams!
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.