If you’ve started looking at houses but haven’t found the right one yet, or if you’re starting to think about looking around, it might be a good idea to try for a pre-approval. A pre-approval is great for finding out approximately you can borrow so you make sure you look within an affordable price range. It can also make the process smoother and less stressful later down the line.
– Your loan has been pre-assessed by a bank
– You may not have to go through the full loan application process again (based on the fact your circumstances haven’t changed)
– A pre-approval can be valid from 3-6 months
– You will have a better idea regarding your budget or maximum purchase price
– You know that your unique circumstance meets their lending criteria
– Having a pre-approval doesn’t necessarily guarantee an approval
– The bank hasn’t yet confirmed that they will accept your property as security
– The pre-approval may be subject to you meeting certain conditions
As a mortgage broker, we can apply to more than one lender, one that suits your specific circumstance or find one that’s most likely to approve you.
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.