What Is My Borrowing Capacity?
Often the most pressing question for first time home buyers is how much can I borrow? As many people soon find out, the answer is different for everyone.
There are many factors that contribute to your borrowing capacity and they do not all have to do with your savings.
Income, expenses and credit all play a role in a lender’s decision - and not all lenders have the same criteria.
Before visiting different lenders, it would probably be worth completing an online assessment using a mortgage calculator.
The process is quick, free and easy. It can also give you an idea of roughly how much you have to work with, allowing you to start a preliminary search for property.
To get a more specific evaluation, you may wish to set up a meeting with a local mortgage broker. This is also a free assessment and can help you discern between hundreds of different loan products from several different lenders.
You will soon find out that looking for your dream home takes up much of your time and energy - try to streamline the finance process to give yourself the extra time you need.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.