Even though your lender will run a series of checks to make sure that you are able to afford the home loan you are applying for, you yourself need to also make sure that you are happy with the level of repayment obligations you are taking upon yourself.
Your home loan provider or mortgage broker will ask you for proof of income and information about your current repayment obligations before qualifying you for the home loan. It is important that you yourself consider personal plans such as :
– family planning;
– change of jobs;
– extended leave;
– business expansion etc. before deciding on the level of loan repayment that you are comfortable with.
One of the biggest disasters for any property owner would be defaulting on their home loan repayments and having the property repossessed by a lender. If you take the right precautions before making a commitment for a home loan, then this problem can be avoided.