Getting Pre-approved
Forward Planning
Being prepared in advance gives you a head start to ensure that
your property purchase and the loan process runs as smoothly
and quickly as possible. Having your financing in place also
gives you an advantage to move quickly as you negotiate your
purchase.
A pre-approval from a lender is an understanding of the amount
of funds that you will be able to borrow for your home loan.
It is not a promise of funding as the pre-approval is subject
to conditions, one being acceptance of the security being
offered and the value of that property.
Conditional preapprovals are generally valid for up to three
months with some lenders allowing 12 months. Final approval
is commonly subject to:
- Providing the lender with acceptable and adequate security
- Verification of the information you provide in your formal
home loan application (including your identification, where
necessary, and employment and income details)
- Completion of satisfactory credit checks
- Further credit assessment, if necessary
Ready to get the ball rolling? Simply
apply online or contact
me.
Tip: There is a risk if you
buy a property without obtaining building inspections and
without having the lender value and accept the property. This
also applies to properties purchased at auction. Some examples
of unacceptable security are properties in very poor condition,
unacceptable zoning, studio apartments under a certain size,
serviced apartments, motel conversions, etc.It therefore pays
to make sure you have met all the conditions before making
your final offer or exchanging contracts.
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