Benefits of Obtaining Pre-Approval
Getting a clear guidance of your spending capacity when purchasing a property can be very beneficial. It will allow you to have leverage when negotiating with agents or during an auction.
This also displays to your estate agent that you are serious about purchasing a property as in some cases agents won’t spend their time showing you homes in-case you don’t come through with the financing.
Getting pre-approval is free of cost and approvals are valid for up to three months. This lets you shop the market thoroughly for the right property.
It is important to remember that while there are several offers and products out there regarding obtaining pre-approvals, you should secure a formal pre-approval to ensure validity.
To get more detailed information on your situation, talk to Kristian Moore from FAJ Home Loans, our in-house mortgage broker
Author: Adrian Wardlaw