It’s important to know your buying power before you start searching for a home.
Know your buying power before you buy.
What is a pre-approval? Exactly what it sounds like! It’s an assessment from the lender that results in paperwork stating they will honour a loan up to a specified value.
Pre-approvals are super handy for knowing to buy within budget as well as for negotiation with sellers for a quick sale. As a pre-approved applicant, you have been through the loan process and prove you’ve got your paperwork all ready to go.
The assessment includes a borrower’s ‘ability to repay’ a loan, based on income, living expenses, or repayments for existing loans. The assessment also includes a borrower’s willingness to repay’ a loan based on a number of factors such as your credit history, the stability of your employment and the number of times you change residential address.
Usually valid for 3 months, pre-approval can be renewed if finding a property is taking a while.
To find out more about how you can secure a pre-approval, contact us today!
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