Why You Should Avoid Home Loan Assumptions
One of the most common assumptions that people make when thinking about buying a home is that they simply can’t afford to.
Certainly, buying property is a big financial commitment - sometimes the biggest in a person’s life - and it shouldn’t be entered into lightly.
All the same however, it is not an exclusive event shut off from normal folks. In fact, state and national economies and industries depend on first home buyers being able to get into the housing market.
So the last thing you should do is assume you can’t do it! Instead, take a proactive approach and find out what your borrowing capacity really is.
Knowledge trumps guesswork every time!
Using an online calculator, you can work out how much you are likely to be able to secure from home loan lenders.
This can be a guide for what you can afford on the real estate market. From this starting point you can then evaluate whether you are in a position to seriously think about buying a home.
And if you aren’t quite there yet, talk to a loan expert about what you need to do to prepare yourself financially for buying a home.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.