Home Finance - Something Borrowed
One of the most important questions for first time property buyers to ask is how much can I borrow?
It’s probably best not to just blurt it out however, as people might wonder why you are talking to yourself.
Kindly explain that you are hoping to secure home loan finance, then hop on your computer and check out our handy home loan calculators.
By using a how much can I borrow calculator you can find out what you are likely to be able to spend on a new home based on your current income and expenses.
You can also get more technical and enter the interest rate and loan period of selected mortgage products to see how these might affect your capacity to borrow.
With the knowledge of how much you can borrow you can then take appropriate action.
If the amount is not what you had hoped, it might be time to re-examine your finances to find out how you could increase your potential.
Otherwise, if you are happy with the figure, continue your search for the perfect place and get in touch with a mortgage expert to help you find a personalised home finance solution.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.