What Is A Loan Pre-Approval?
There is currently a lot of noise in the market place, my clients are always asking me "Is my pre-approval genuine?" Sometimes the banks do not confirm details such as income, savings or affordability before they issue a pre-approval.
A pre-approval such as this is in principal only. A bona fide pre-approval is only given once the bank verifies all your numbers. They want to know that you earn what you say you earn, and owe what you say you owe.
When bidding at an auction, you want the peace of mind that your pre-approval is authentic and the bank has agreed to lend you the money you need.
How can you get a meaningful pre-approval? We can submit your application to the right bank and ensure it is properly assessed. At this point the bank is willing to give you an approval according to verified facts. Do not forget, a pre-approval is only valid for 3 months. After that time you will be required to provide updated documentation to reconfirm that your numbers still work.