Increasing Your Borrowing Capacity To Get Your Dream Home
Whether you're beginning to save for your first home purchase or are already looking through the market, it's important that you keep your finances in mind throughout the process.
Lenders have specific criteria to consult when they're weighing up their lending options and how much you are able to borrow can be affected by many things.
Obvious factors like income and savings contribute to your borrowing capacity, but keep in mind that more obscure things like credit cards can impact the lenders decision.
To ensure you give yourself the best financial opportunities possible, it is advisable to cancel any credit cards you aren't using. A lender will take all of these things into consideration, so reducing your overall personal debt is also advisable.
Consolidating all your debts into a more manageable, single loan will also help to increase your borrowing capacity.
Booking a meeting with a mortgage broker will also help you to find the best options for home loans available. Your broker can also help you to sort out your home loan application, giving you peace of mind throughout.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today