Excitingly scrolling through heaps of real estate listings on websites, shortlisting them, calling real estate agents, arranging for inspections, and on same days having multiple homes to inspect. This can keep you busy for fair few weeks until you find a right home for yourself.
And when we do find one, we don’t want to miss out on that and so make an offer. Biggest mistake a lot of people may make at the time of making an offer is not having a home loan pre-approval.
A pre-approval or Approval In Principle means a bank will give you the loan when needed provided information and documents are verified successfully.
A home loan pre-approval allows you to make an offer on a property with confidence.
The benefit of a pre-approval is that you will have a clear understanding of how much you can borrow before making an offer on home. It gives you a clear understanding on what price range you will be looking at.
Ideally you do not want to be in a situation where you make an offer and then apply for a home loan only to find out that you can’t buy the home you made an offer on.
The steps we suggest our customers is to contact us, provide us with the documentation for us to get them a fully assessed pre-approval which means that as soon as they find the right home for themselves, they can make an offer with confidence. They then will let us know and we arrange for a formal loan approval, settlement is booked and they move in their new home quickly.
Worth keeping in mind that a pre-approval is typically valid for 60-90 days period.
So if you are out in the market looking for a home, get in touch with us and we will make your home buying journey hassle free.
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