Pre Approval Basics
Whether you can get a loan or not is based on many factors such as employment length, income, deposit and the value of your existing properties, if you have any.
Getting the right assessment at the start is very important. This is why at Mortgage Corp, our mortgage specialist will look at what you can really afford and recommend a suitable loan product to match your individual circumstance.
And if there are any changes to your lifestyle during or after the pre-approval period we will need to re-assess.
The Importance of Pre-Approval
Most home buyers and investors know they need to get a pre-approval before they start looking for a home or investment property. So they don’t waste time looking at properties that are over their budget and can confidently make an offer on their dream place.
DID YOU KNOW?
Did you know you will need a pre-approval to bid at an auction?
Did you know it’s FREE to apply for a pre approval and your Mortgage Corp loan specialist will do all the work for you?
The One Mistake Many Home Buyers and Professional Investors Make after Pre Approval
While some people take weeks, others may take years to find the right place, you will know when you’re ready.
But even experienced property investors sometimes make the mistake of thinking now that they’ve got a pre approval from a bank, that everything is all good.
It may not be!
Banks are constantly changing policies and products. Whether it’s been 3 months, 6 months or 2 years since you’ve got your pre approval, a different bank may have a better deal for you now when you are ready to make a move.
It’s even possible when we go back to the bank you’ve been previously conditional approved for, the bank may have increased their rate or fees for the loan product and a competitor may have a product that will save you $$$$, or a more suited product.
Your Mortgage Corp mortgage specialist, on the other hand, understands the market, will regularly review your loan and recommend a bank that most suits you needs whenever you’re ready to buy.
Make a time now with our senior lending specialist Neil Carstairs to customise a finance solution for your individual circumstance and maximise your long-term financial success!