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#29- Renting For $650/wk Doesn't Mean You Can Afford A Mortgage At The Same Cost; Here's Why
A lot of people tell us that they think the bank should give them a mortgage because they figured out that the repayments are around the same as their current rent payments.
However, it's not that simple.
The bank is going to give you 100,000's of $$$ so want to be pretty certain that you can pay it back.
This means that they test your mortgage at a higher interest rate (just in case), they add in other expenses, and still want to see you can save a bit of money.
So what can you actually do to show the bank you can afford a mortgage?
Listen to the podcast and it will tell you all of our secrets.
Questions? [email protected]
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By Aaron Cattell (The Mortgage Man)A lot of people tell us that they think the bank should give them a mortgage because they figured out that the repayments are around the same as their current rent payments.
However, it's not that simple.
The bank is going to give you 100,000's of $$$ so want to be pretty certain that you can pay it back.
This means that they test your mortgage at a higher interest rate (just in case), they add in other expenses, and still want to see you can save a bit of money.
So what can you actually do to show the bank you can afford a mortgage?
Listen to the podcast and it will tell you all of our secrets.
Questions? [email protected]
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