When considering buying an investment property most individuals look around at the market, browse online at properties, make some considerations and then go to the Mortgage Broker to see if they can get a loan for a specific property. Though this order of events is not bad, there is a much simpler way to get your desired outcome.
I would encourage all would be investors to make a time with an Alpha Home Loans Mortgage Broker to look at your goals, needs, and time frames to have a trusted advisor on your side right from the beginning of the process. By talking with the Mortgage Broker first, they will look at the usable equity in your existing property, your current assets, liabilities, income and expenses and then calculate your maximum borrowing capacity. By having your borrowing capacity calculated at the beginning of the investment property process you know exactly what price range you can afford and therefore have a measuring stick for the type of properties to look for within the given price range.
Having your trusted mortgage advisor make your borrowing capacity black and white, there is a voice of reason to remove your own emotional influences on what property you should buy. This also gives you the power to negotiate a price for a property and the confidence that you can or should walk away if the price falls outside of your price range.
So if you are considering buying an investment property, please call Alpha Home Loans, to calculate your borrowing capacity.