Don’t miss out on the property of your dreams! | Post by Jenel McLelland – Green Apples Finance

Don’t miss out on the property of your dreams!

Without getting a pre-approval from the bank first, you can easily miss out on securing a home.

Stories of heartbreak are common at auctions, where the buyer puts down a deposit after winning but then wastes precious time applying for a mortgage that may be declined.

So, what is a pre-approval and how can it give you piece of mind when entering into a deal with the seller (vendor) and how do I know it can be relied upon?

Banks and lenders offer several different types of pre-approvals.

They range from a simple 2-minute online application, to a formal document, written and signed by you and the bank.

A Pre-approval that you can confidently start searching for a property is one where;

• Your loan has been pre-assessed by a bank. You have provided income details via payslips etc and other documentation. You have signed an application form for the bank
• The pre-approval is valid for 3 months (some Lenders 6 months).
• You know your maximum purchase price.
• You know that your personal situation meets their lending criteria.
• The bank hasn’t yet confirmed that they’ll accept your property as security, until you find one.
• The pre-approval may be subject to you meeting certain conditions

Why should you secure a formal pre-approval?

Securing a formal pre-approval is the only way to make sure you can negotiate confidently with vendors, whether it’s at an auction or not.

Without a signed letter, some sellers and real estate agents won’t accept your offer, as they can’t guarantee that you’ll get the necessary finance

Make the process of looking for your home, a fun time, no tears if you obtain the pre-approval paperwork, ask Green Apples Finance Australia to arrange one for you today!