Can The Clients Make an Offer on a Property If a Borrowing Capacity Calculator Shows That They Can Borrow?

Yes, clients can make an offer on a property if a borrowing capacity calculator shows that they can borrow, but it is highly recommended for them to reach out to a mortgage broker before making any offers. Online borrowing capacity calculators cannot look at the client’s big financial picture and oftentimes will not calculate all of the financial factors that various mortgage brokers will, resulting in occasional inaccurate calculations. 

Working with a broker allows clients to find the best loan deal that suits their independent financial needs and goals. Not working with a broker can result in clients agreeing to a loan that does not suit their financial planning and may even cost them thousands of extra dollars. 

Having the proper resources to successfully assist clients in their home-buying journey is essential. As a mortgage broker, your clients may request budgeting assistance and may not understand the loan types that would pair best with their financial situations. 

Oftentimes, a borrowing capacity calculator may calculate a higher result than a client can realistically borrow. This is one of the few reasons a client should consult a mortgage broker before applying for a home loan. Mortgage brokers can also help to ensure that the loan application process is completed properly and help clients to plan for successful mortgage repayments. 

A client who is considering a loan offer that equals their borrowing capacity calculation can work with a mortgage broker to understand why offers that match their maximum borrowing capacity do not always work out in their favour.