What Factors Affect Borrowing Capacity?
For many people, buying real estate would not be possible without the help of a financial lending institution.
Home loans are commonplace and are one of the most important considerations when buying property.
As there are many different lenders with an abundance of financial products available, it is advisable to prepare yourself as best as possible to secure a competitive mortgage.
It is important to remember that banks will analyse your application on different criteria if you are a sole applicant or part of a joint application.
If applicable, they will also take into account how many dependents you have.
Lenders will also refer to your income, credit card debt, personal debt and other financial criteria to determine your borrowing capacity.
While it is possible to estimate how much you are able to borrow with the use of a mortgage calculator, decisions and rates are largely determined by your personal situation.
A chat with your mortgage broker can help you implement the best strategy toward finding a suitable lender, as well as assist in the process of securing a loan that suits your needs.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.