Whether you’re bidding at auction or placing an offer with an agent, you’re in a stronger position if you’ve got a pre-approval.
Pre-approval is essentially a green light from a lender to spend up to a certain amount. This means you’ll know how much you’ve got to work with. Your broker will walk you through all the details of different loan options. Once you’ve chosen a loan, submit an application on your behalf.
You’ll usually receive pre-approval within a few days of application. It’s generally valid for three to six months, and assumes your financials will stay the same.