Borrowing Tips For Your First Property Purchase
Securing a home loan with favourable terms begins with a thorough assessment of your financial position.
Lenders will look at various aspects of your finances to determine your borrowing capacity and mortgage boundaries.
Anything from credit card limits, income type and general expenses can impact on how much you are able to borrow towards a property.
The number of dependants and their situation will also affect the amount, as well as your existing asset position and the size of your loan compared to the property value.
Getting a handle on any existing debt and cancelling any unused credit cards can go a long way towards boosting your borrowing power.
Establishing a realistic budget can also serve to build up your savings and improve your situation in the eyes of lenders.
Utilising an online mortgage calculator to determine your borrowing capacity would provide the opportunity to address setbacks and give you a rough idea of your financial possibilities and limitations.
It would also be beneficial to speak to a mortgage broker about your financial situation to see where you might be able to cut back on spending and make improvements.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.