Home Loan Calculator: how much can you afford to borrow?
If you’re trying to figure out how much you can afford to borrow, home loan calculators are indispensible. Here are some other factors to consider...
- Will you still be able to afford this amount if there is an interest rate rise?
- Is there someone who would be willing to act as a guarantor?
- How secure is your job? Do you intend to change careers in the near future?
- Do you plan on having (more) children?
- How long will the benefits last? If you’re taking out a mortgage, the benefits will last for many years and your repayment period will reflect this. But if you’re taking out a home loan to spend a year travelling, then the benefits will only last one year – so aim to pay back the loan within 12 months of returning
- Could saving be an alternative to borrowing?
- Have you included bonuses, commissions and overtime in your income? Remember, these are not guaranteed
- Are your current account statements healthy? Monthly outgoings should be lower than monthly incomes
- Don’t automatically borrow as much as you can. You need to make sure that you can cope with unexpected circumstances like illness or redundancy
- Have you paid off as much of your other debt as possible?
- Consider hidden costs. When buying a home, these include valuation fees, legal fees, surveyor fees and the cost of furnishing it
20:50 Thu 26 August 2010
Category: tools
Subscribe to RSS feed
I have a problem with veda advantage as they refuse overturn their decision and they don't owe to me and i don't owe them so how can I borrow without Veda advantage approve so I do need to find $8,000 very urgently and I have less than1 week left to find.
Hi Rhonda, if you are a homeowner you shouldn't have any problem getting a loan for $4000. It is generally harder to get an unsecured loan once you are retired - but because you have a regular pension you may be eligible. Call into your bank for free advice.
iam righting to ask if there is a loan place i can go because i need 4000 to pay my bills off. so i can just have one bill to pay each month.i dont work anymore i have retried. and i am on a pension and i get 500 a fortnite. iam fineing it very hard ti get by. thank u for your time rhonda
That's great advice, thanks!
i think this site is awesome, especially trying to help out people in hardships, whom have bad credit history or whom have no credit history at all. hopefully I will be lucky enough to get approved for a loan during my hard time...time will tell if these sites are what they say they are!
I'm in a similar situation Jodie. I managed to get a 2000 loan but it has helped a lot. Make an appontment to talk to your bank. Good luck!
hi im bankrupt for second time have 2 causal cleaning jobs one iv held for 12 month second job i started 2 months ago i work 5 days wk at this job 25hrs.other job gives me anywere from 12 to 40 hours awk im a single mother of three children paying 250wk rent had a run of bad luck car stolen and burnt out. 8 days later house was broken into while we were sleeping. bank account has been emptied by a so called friend im struggling now need $4000 loan to retreve our things from pawn brooker catch rent up pay tele check before im charged with froud and to pay for xmas
I totally agree with these tips! I use them all the time
I really like this blog, it gives interesting ideas for the reader. Keep it up!
find out more about options trading