The Pre-Approval Process

What is a pre-approval?


A pre-approval is when a lender gives you an approved amount you can borrow, based on a full assessment of your financial situation.

 

Assessing your ability to repay based on:

  • Your income
  • Living expenses
  • Existing loans
  • Credit history
  • Stability of employment


Benefits of a pre-approval

  1. Saves time and disappointment by concentrating on properties in your price range that suit your budget
  2. Real Estate agents will consider you as a serious property buyer
  3. Gives you confidence for bidding at auction or negotiating a purchase price
  4. Provides you a leg up on other buyers
  5. Speeds up the approval process as the loan is already partially approved

 

Pre-approvals are only valid for a certain amount of time, generally 3 months. Once this pre-approval expires, you will be required to reapply with your Mortgage Broker.

 

A pre-approval is not a guarantee of finance; you will need to talk to a professional mortgage broker who will assess you situation and requirements.

 

The assessed pre-approval will typically be subject to valuation, any changes in the applicant’s personal circumstances and a suitable property being located.

 

Call today to arrange an appointment to discuss your pre-approval options with Mortgage Choice in Bundall 07 5504 5569 or email info.bundall1@mortgagechoice.com.au

 

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Posted in: Home loans

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