Finding the right pre-approval
What is a pre approval - what is involved?
The process of pre-approval might seem complicated but when you work with a mortgage broker, it’s much more simple.
A broker’s job is to get you approved with a lender to spend up to a certain amount of money.
You’ll go through the full application process with your broker; lodge all the supporting documentation and make sure the lender does all the required checks, so you can be sure that when you find a property you want to buy, effectively all that’s left to do is get a bank valuation.
The important thing to remember is: if you haven’t got a letter from a lender that says they’ve assessed the application, you haven’t got the right pre-approval.
Be wary of online approvals - all it gives you is an indication that you qualify for the loan. The computer won’t pick up the finer details, such as if you’ve only been in your current job for a short period of time.
From getting your formal pre-approval, you usually have 90 days to find a property before your pre-approval will expire. You can apply for an extension if you need one.
If you’re ready to start the pre-approval process, get in touch with a mortgage broker to make the experience as easy as possible.