How To Give Your Borrowing Capacity A Boost
What kind of house you are able to buy might depend a lot on how much you can borrow for a home loan.
By increasing your borrowing power, you can give yourself more options when it comes to finding a place to live.
As your borrowing capacity will be based in large part on your current income, one way of boosting it is by earning more! Simple enough in theory, right?
Well now is the time to go for that raise, to out-perform your sales targets, or even to find additional ways of creating income - handy with a sewing machine?
Increasing your income far in advance of your loan application will have another benefit - it will boost your savings.
Lenders love to see evidence of saving, as it demonstrates financial discipline. Anything you can do to put more money away each month will only help you when it comes time to apply for home loans.
No matter what you do on your own to boost your borrowing capacity, a mortgage broker will be able to get on your side and leverage their expertise to get the best deal from lenders.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.