30 May 2022
How Much Can I Borrow for a Mortgage?
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Finding the right home loan is essential. But deciding which loan is right for you can be complicated. So here are some steps to help you narrow down your choices to help you find the right loan for you.Â
Loans with lower interest rates can save you thousands of dollars over the life of your loan. Even a difference of .5% in interest rates between loans makes a big difference in how much you end up repaying. You also want to decide between a fixed interest rate, a variable rate, or a partially fixed rate. Each one has its pros and cons, so you need to choose which best fits your current needs. You can use an online interest loan comparison tool to compare the interest rates offered by different lenders.Â
Many home loans offer beneficial features such as offset accounts, redraw, or lines of credit. However, these features add cost to your home loan. Therefore, deciding which features you need, or if you need any, impacts the loan you choose.Â
You can use an online borrowing capacity calculator to get an estimate of the maximum you can afford to repay. However, there are a few things to keep in mind.Â
Mortgage brokers can help you find the right home loan for you. They can compare interest rates and features from various lenders, help you determine how much you can realistically borrow, and get a clear picture of your financial situation to advise you. If you are looking for a mortgage broker, contact the team at Mortgage House