If you’re contemplating buying another house and have so many questions on whether or not you can afford one, it’s best to seek professional advice.
Step 1: Speak to an Approved Mortgage Specialist
When considering an investment property, your first port of call should be your Mortgage Specialist. A Mortgage Specialist can help you achieve your investment property goals. They will review your assets and liabilities to determine how much you can borrow, which will, in turn, give you a general idea of your target price range, so you can narrow your property search within your purchase budget.
Step 2: Budgeting
Just like buying your first home, when purchasing an investment property, it’s essential to budget. If you’re unsure of the best way to budget for an investment property, speak with your Mortgage Specialist, they can help you to get on the right path.
Step 3: Important conversations
Your Mortgage Specialist will discuss your plans and your circumstances with you to determine what you can afford. Your Mortgage Specialist will also provide statutory documentation to initiate the lending process and work out for you what loan products will be appropriate in your circumstances.
We at Capital One Finance Solutions deal with these matters every day. Our combined experience in this industry has enabled us to help our clients find the best possible answers to their questions, as such we’ve helped many of our clients:
1. Find ways to afford supporting two mortgages
2. Identify the best time to sell their existing homes
3. Purchase their new home
4. Arrange the new mortgage with their financial institution, even when one already exists
5. Identify funding options for the new home
6. Consolidate all existing loans
We at Capital One Finance Solutions are leaders in the mortgage industry and we are more than willing to extend a helping hand. Let us know your concerns and we will identify the perfect solution.
If you think that this type of home loan will be ideal for you, but cannot make a final decision, call us to speak with one of our expert financial consultants.
If you want to get a personal individual assessment and discuss what your options are? Contact us on 1300 CAP ONE (227 663) or fill in our Free Assessment Form.