Buying Property At An Auction With The Help Of A Mortgage Broker
Purchasing a property at auction is a wholly different experience from putting in an offer in a private sale.
For one, the atmosphere of an auction house is intoxicating. Seeing the other buyers bidding on the property you’ve set your sights on can get tensions running high.
This is one of the most important aspects to remember.
Part of preparing for a good auction process is to be absolutely sure of your financial limits. The last thing you want to happen is to get caught up in a bidding war and end up drowning in debt that you have no way of coping with.
Chatting with a mortgage broker before heading out to an auction can do wonders for your home loan strategy. For one, a broker can tell you your borrowing capacity, which is useful information when setting yourself a spending limit.
They can also help you to get a home loan pre approval. Having this proves to the seller that you’re serious about taking over the property as soon as possible – which can potentially put you ahead of other bidders.
To get more detailed information about your situation, talk to a Loan Market mortgage broker today.