What Is Your Maximum Borrowing Power?
It is difficult to start your search for a home without a calculated budget - one of the best ways to narrow down options is through a specific price range.
For this reason, it is recommended that you get an estimate of your borrowing capacity. Knowing how much you have to offer will also help in any negotiating process.
A good place to start is going online - by inputting your details into a mortgage calculator, you will be able to quickly come up with an estimate.
While this will give you a good idea of how much you are able to spend, it is recommended that you also speak to a lender or a mortgage broker about a specific figure.
You may even be able to secure a pre-approved home loan to take some of the guesswork out of the process.
Remember, when presenting your case to a prospective lender, you will want to put your best foot forward.
Prior to your meeting, it would be beneficial to close any unused credit cards, pay off outstanding debts and stick to a budget to improve your savings.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.