What Are The Advantages Of Home Loan Pre-Approval?

For those who are thinking about buying property, it may be worth a chat with a mortgage broker about home loan pre-approval.

Regardless of how much you are thinking about borrowing, getting a clear read on your financial situation will help you in the purchasing process in several different ways.

Most importantly, knowing your borrowing capacity will give you leverage when negotiating with vendors or during auction and can make the difference in securing the property you really want.

Getting home loan pre-approval is free, meaning you have nothing to lose and a lot to gain from determining your financial capabilities.

The approval is valid for up to three months, giving you the ability to shop thoroughly for your new home and with confidence. Final unconditional approval is also faster as the next step from pre-approval.

It is important to remember that while there are several offers and products out there, you should secure a formal pre-approval to ensure validity.

A mortgage broker can explain the pros and cons of each offer and help you determine the best course of action when deciding between different lenders.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.