If you’re ready to start looking at properties, getting a home loan pre approval is the first step to knowing how much you can borrow, giving you the confidence to move forward when you find the perfect home.
Whether you’ve just started your property search or are still searching, obtaining a conditional pre approval on your loan can help simplify the process of finding and securing the right home.
For starters, a pre-approved loan will not only give you a more accurate picture of your borrowing power, and what type of home you can realistically afford; it also can give you the confidence needed to make an offer when you find a property that you are interested in. When you’re ready to make an offer or bid on a property, a loan pre approval also helps to let real estate agents and sellers know you’re serious, and may help put you in a better negotiating position over other buyers who haven’t obtained pre approval.
Home loan pre-approvals have become such a standard part of most property transactions that not having one can put you at a disadvantage at bidding time. So, if you’re serious about buying a home, it’s a good idea to get one before you venture down the road to home ownership.
Getting a conditional loan pre-approval can change from lender to lender, but generally speaking this is a straightforward process that involves completing an application and submitting any requested financial information. If you’d like help negotiating your way through this, speak to one of our broker partners who can help you with what would be needed for your individual circumstances.