The Art of House Hunting

It is possible to obtain a loan approval for a certain sum of money from most lenders before you decide on the property you are purchasing. This gives you the advantage of knowing how much you can spend, and speeding-up settlement procedures once you have decided.

Things You Need to Know About Yourself

It is important you know exactly what your liabilities and assets are. You also need to take into consideration how your circumstances might change over the period of the loan. Proof of your income, whether it is a combined income, and your level of commitments will determine your ability to meet repayments. Your level of equity in the property determines whether mortgage insurance is required. Most banks like to see evidence of savings as a measure of payment discipline, plus proof of a purchase deposit.