May 29, 2013
Properties in the Shire seem to be flying out the door. From what I have heard there are more buyers than stock meaning when you DO find a place you love you have to be ready to commit almost on the spot. Have you got a pre-approval???
You’ve decided to buy your very first home! Now what? I’ll tell you. GET A PRE-APPROVAL RIGHT NOW! Not after you start looking for a house, not after picking what color you are going to paint your new master bedroom. Do it now!
So you know exactly where you stand. You don’t want to make crucial decisions and invest emotionally without knowing exactly where you stand. By getting pre-approved you will know exactly what your mortgage options are, exactly what your price range is, exactly what the requirements are to obtain a loan, plus you will be able to move forward with the purchase faster when you do find your home.
A pre-approval will not only confirm that the lender is willing to give you a loan, it will confirm the loan amount and any other “conditions” the lender may have. For example, the lender may require a valuation of your property. A pre-approval (or conditional approval) lists everything required.
Not only does getting pre-approved give you instant clarity and peace of mind, it significantly reduces the chance of costly confusion that can waste your money, your time, and in some cases, break your heart
Resist the urge to skip getting pre-approved. You can never be too careful here. Plus it is easy to take care of this step first with the help of your mortgage broker.
The last thing you want is to shop around, fall in love with a $600,000 house, pick out curtains and matching furniture only to find out later that you only qualify for a $300,000 purchase price. That’s heartbreaking.
The fact is, while you can get a good idea of your mortgage options without getting pre-approved, you can never be 100% sure until your loan application has been examined by your lender’s credit officer and you have received, in writing, your conditional loan approval (aka pre-approval).
The consequences of a mistake happening because you moved forward without pre-approval far outweigh the benefits of the small amount of time you save by skipping that step.
Getting pre-approved is easy with the help of your mortgage broker. They will request stuff like updated payslips, savings account statements and evidence of any other debts. That’s it. It is easy, painless and well worthwhile.
With a pre-approval in hand you're ready to go when that perfect property finds you.
Action To Take
1) Contact Mortgage Choice at Gymea to start the pre-approval process. If you still need more convincing that you need pre-approval, call the team on 02 95254544 or email me at email@example.com