How Much Can I Really Afford?
There are few things as exciting as the thought of owning your own house.
Yet many keen first home buyers may find themselves a little bit stuck at first because they don’t know the answer to an important question - how much can I really afford?
Since it is likely that you will be shopping for a home loan as well as a house, what this question boils down to is how much lenders are willing to let your borrow.
Luckily for potential buyers, there is a simple and easy way to get an immediate idea of how much you can afford when purchasing a house - by using an online home finance calculator.
With a how much can I borrow calculator, all you need to do is enter your current income and expense details and the hypothetical loan term and interest rate.
You’ll then find out how much you will be able to borrow to buy a home.
That’s not all though, you’ll also be able to see what your monthly payments will amount to, and will see a graphical representation of your loan principal and interest as it is paid off.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.