Pre-Approval by definition - a pending loan, whereby the loan documents have passed and a loan is available when the borrower is ready to use it or purchase an asset.
A formal pre-approval is a critical step in purchasing property - it's when a lender gives you an approved amount to borrow based on a full assessment of your financial situation.
Basically this means you are Market Ready and can start truly making offers on you dream home/investment.
Advantages of home loan pre-approval
- You'll know exactly how much you can spend
- You know what your repayments will be
- Your final loan will be organised faster
- There's no cost to you
- I am there every step of the way
A formal pre-approval is important
There are different kinds of pre-approval - it's important you get a formal, written pre-approval. Once you have it, you can negotiate or bid under almost the same conditions as a cash contract.
There is nothing more powerful in a negotiation with the vendors agent then making the point that, "we are PRE - APPROVED". This gives you the edge over other bidders looking at the same property. Also it helps when negotiating settlement terms.
However, be wary of any website that offers you a pre-approved home loan without taking the time to assess your financial situation. I will organise your home loan pre-approval for a loan that matches your personal situation and financial goals.
I work for you, covering not only the Moss Vale to Mittagong catchments but across the entire Southern Highlands and Greater New South Wales region.
Pre-approval is a critical step in purchasing property - it's when a lender gives you an approved amount to borrow based on a full assessment of your financial situation.