Should You Get A Home Loan Pre Approval?
There are many advantages to getting a home loan pre approval, but the one that stands out above the crowd is the peace of mind it gives real estate buyers, especially first home buyers.
It’s a fantastic feeling to have that financial security on your side when you begin searching for property.
Getting a home loan pre approval gives you an estimate of how much you can afford to spend on property, which helps to narrow down the scope of your search when you start looking at houses.
It will also give you an idea of your borrowing capacity, although this varies between different lenders and home loan packages.
Having your home loaned pre approved also gives you freedom in auction situations.
If you’re participating in an auction for your dream home, knowing exactly how high your bidding can go will can help you to make real estate decisions without worrying about finances.
A home loan pre approval also lasts for three months – which means there’s no need to rush looking for property once you get it.
For more detailed information about your situation, talk to a Loan Market mortgage broker today.