Paramount Private Estate Baldivis
Getting Finance Pre-Approved

Getting Finance Pre-Approved

Buying or owning a new home is one of the most exciting things you will ever do. It can also be an understandably overwhelming experience. Getting finance pre-approval though is something you can do to turn this dream into reality faster while also making the buying process the least stressful as possible.

Make Your New Home a Reality Faster with Finance Pre-approval

A finance pre-approval is basically a formal indication from a lender of how much money you can borrow to purchase a property. While pre-approvals are not a guarantee of finance, they can definitely help you in the buying process.

There are several benefits that come with having finance pre-approvals including:

• It saves you time. Knowing how much you can borrow helps you focus on the right property that is within your budget. Also, once you have made an offer on a property, the process of getting finance is typically streamlined, since you already have pre-approval.
• Shows you are serious. A lender will require you to provide certain information such as your income and expense details among other things before they can give you finance pre-approval. The pre-approval shows the seller that you are ready to purchase and have undergone financial checks to support this.
• Makes your offer competitive. Generally speaking, sellers favour buyers with pre-approved finance over those who don’t have pre-approval. It can make your offer more competitive, especially if there is more than one party interested in the property.

To ensure that you are getting the best deal for finance, do your research on different lenders before committing to one.

Each lender will also have a range of different loan products with various features and packages in terms of fixed and variable rates. It’s important to check all of the information available and to compare terms from different lenders, so you can arrive at the right decision for you.