How To Find Out How Much You Can Borrow
One of the biggest questions on the lips of home buyers and investors who need a property loan is how much can I borrow?
It’s pretty important to know how much money you will have to work with, so finding your borrowing capacity early in the process can be a big help.
You can start off by using a handily-named how much can I borrow calculator. This is a great online tool that will provide you with a general figure which lenders are likely to let you borrow up to.
What kind of things determine how much you can borrow? Well perhaps more than you think.
Your income will be a factor, as will your partner’s and that of anyone else you are buying with, as will your expenses and the number of dependents you have.
Another thing that will be taken into account is your current debt - whether in the form of credit card debt, loans or other obligations.
By using the online calculator you can also see how changing the interest rate and loan period will affect your borrowing power.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.