Pre-approval can put you in a position of greater power when it comes to buying property.
There’s a critical phase to house-hunting online and in the real world that puts you in a position of power.
It’s called pre-approval and it’s free, lasts at least three months and gives you a clear guide on property prices in your buying range. Not having it can cause all sorts of headaches, like discovering you can’t borrow the amount you need for the property you love, and these days, most Agents won’t even talk to you if you don’t have a pre-approval in place as the market is so competitive. So it pays to get yourself sorted with your finances before you start the serious house-hunting and negotiating.
What, precisely, is pre-approval?
Put simply, it means a lender has indicated that they would be prepared to lend you a certain amount of money with which to buy property. It means you can accurately fix the settings on your property search portal to the maximum amount you’re likely to be lent. And if you did find a property you like, you’d be in a position to make an offer. You’ll also be more attractive to sellers because you’re “good to go” and you won’t make the mistake of falling in love with a $900,000 stunner when you’re likely to be lent $700,000.
Seven steps to getting pre-approval
Book in to see us so we can get the property party started.
We’ll review your fiscal footprint (credit history and financial situation).
We’ll work out your capacity regarding repayments (how much you comfortably can afford to repay).
We’ll cross reference your needs with 60 banks and lenders and their various loan types.
We’ll settle on a lender who is a good match for your plans and position.
You’ll leave with a number to start home-hunting intelligently…
And that number is valid for up to half the year!
Take that next step towards greater power when you start your house-hunting journey with Homeward Finance. Speak to one of our Mortgage Brokers today on
Article source: www.loanmarket.com.au
Disclaimer: This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter. You should before acting in reliance upon this information seek independent professional lending or taxation advice as appropriate specific to your objectives, financial circumstances or needs. Homeward Finance Pty Ltd ACN 641 670 519 is authorised under LM Broker Services Pty Ltd Australian Credit Licence 517192 and is not in any way responsible for nor provides any warranty express or implied as to its accuracy or relevance.