This week we’re going to talk about pre-approvals. The need to knows & any important information you may not be aware of. Here are some pre-approval FAQ’s that we get asked most often!
How long do pre-approvals last?
A general rule is 90 days or 3 months from the issuing of the pre-approval letter.
Do pre-approvals mean you will get approved later on?
No, they’re not a definite approval. This is due to any circumstances changing… so if you’re in the same or a better position you were in when you got the pre-approval the chances are you will be okay!
Do pre-approvals help with negotiating when purchasing?
Yes! If you’ve spoken to a bank or mortgage broker and obtained a pre-approval, the sellers can be more at ease that you’re in the position to purchase VS. someone who’s yet to have a conversation with anyone.
If you have a pre-approval, is the process for an unconditional approval quicker?
Yes, it’s usually much quicker, but it does depend on if your circumstance has changed.
Do you recommend getting a pre-approval?
Yes- I do! If you’re thinking of purchasing a house in the next few months but haven’t found the perfect place yet- I definitely recommend getting a pre-approval. It makes the process a lot less stressful for you later on!
So, if you are thinking about buying over the next 3 months, start the process now!
Please feel free to give us a call if you’ve like to work out the best plan for you.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.