When I purchased my first home... Part 3: pre-approval
If I didn't have the finance pre-approved, I would have missed out on the home we purchased. The vendors at the time were close to accepting someone else's offer but decided to run one more open home, which we attended for the first time.
We immediately knew this place was perfect for us and made an offer for our maximum budget and told them there was no more money available, so take it or leave it.
Whilst the owners considered what to do, we slept on our decision and in the morning still felt like it was the right thing to do.
It's good advice, I believe, that if you are super keen on a property at first inspection, to make sure you go back for a second inspection and try to find any fault with the rationale, and if you still feel it's the right decision, after spending the night thinking about it, then it's probably the right move.
Part of the reason why we try so hard to be perfect mortgage brokers is that I still remember how nerve wracking it is, waiting for the formal loan approval. You are vulnerable, making a big decision and risking your deposit, and you need to rely on someone to get the finance approved.
Even though I wrote my own home loan, I still remember thinking I had better not stuff it up, and it leads me to still be super thorough for every application we make, to do our best ensuring the client is not let down.