Borrowing power refers to the amount of money that a person is able to borrow from a lender.

It is determined by factors such as income, expenses, credit history, and other liabilities.

Knowing your borrowing power is important because it helps you make informed decisions about how much to borrow and what kind of loan to apply for.

At Virtus Mortgage Broking Services, we help you understand your borrowing power.

We can help you guide through the loan process to secure the best possible loan for your unique financial situation.

There are several steps you can take to increase your borrowing power.

• Improving your credit score: A higher credit score can increase your chances of approval for a loan and may also result in better loan terms.
• Reducing your debt: Lowering your existing debts can make you a more attractive borrower and increase the amount you can borrow.
• Increasing your income: A higher income can increase your borrowing power and make you eligible for larger loans.
• Saving for a larger deposit: Having a larger deposit can increase your borrowing power and result in better loan terms.

At Virtus Mortgage Broking Services, we work with you to understand your unique financial situation and guide you through the process of increasing your borrowing power.

Yes, at Virtus Mortgage Broking Services, our team of mortgage brokers have access to a wide range of loan products and lenders.

We work with you to understand your borrowing power and your unique financial situation, and help you find the best loan for your needs.

We also assist you in the process of loan application and negotiation with the lender to secure the best possible loan terms.

Yes, your employment status can affect your borrowing power.

Lenders typically prefer borrowers who are employed full-time, as it is seen as a stable source of income.

However, there are loan options available for those who are self-employed, on a fixed-term contract, or have a less conventional employment situation.

At Virtus Mortgage Broking Services, we work with a wide range of lenders and can help you understand how your employment status may impact your borrowing power.

Our team can help you guide you through the process of finding the right loan for your needs.

Yes, your credit history can significantly impact your borrowing power.

Lenders use your credit history as an indicator of your ability to repay a loan and make payments on time.

A good credit history can increase your chances of approval for a loan and may also result in better loan terms.

On the other hand, a poor credit history can make it more difficult to secure a loan and may result in higher interest rates.

At Virtus Mortgage Broking Services, we work with you to understand your credit history.

And also, guide you through the process of improving your credit score, if necessary, to increase your borrowing power.

Your existing debts can affect your borrowing power by reducing the amount you can borrow and increasing your debt-to-income ratio.

Lenders will take into account your existing debts when assessing your ability to repay a loan, so it is important to keep your existing debts as low as possible.

At Virtus Mortgage Broking Services, we work with you to understand your existing debts and help you find the best loan options to suit your unique financial situation.

It is possible to borrow more than your borrowing power, but it is not recommended.

Borrowing more than you can afford to repay can lead to financial strain and difficulty making payments.

At Virtus Mortgage Broking Services, we work with you to understand your borrowing power.

Our team can guide you through the loan process to secure the best possible loan for your unique financial situation.

It is highly recommended that you borrow only what you can afford to repay.