Why a Home loan pre-approval is great?
A home loan preapproval is a great option for those ready to buy a home or investment property.
It gives you the benefit of:
? Knowing how much you can borrow will allow you to focus on houses you can afford
? bidding at auction with confidence and a maximum budget in mind
? making you as a buyer more attractive to the seller as it indicates you’re serious about buying the property
? If your property purchase is subject to finance it is more likely your transaction will go through smoothly as you have already done the background work
Are there drawbacks to a pre-approval?
There really aren’t any drawbacks to having a single pre-approval if you are ready to buy but having several pre-approvals in a short period of time can potentially harm your ability to borrow.
Why?
Pre-approvals are visible on your credit file as a loan inquiry and having several in a row may create concerns for lenders that you’re financially unstable.
? So best that you wait until you are serious and ready to buy, rather than applying to early and having to reapply.
Interested to know your borrowing power or gain pre-approval for your next property? Visit our website and access our calculators https://greatergeelongfinance.com.au/borrowing-power-calculator/
?♀️ Need more tailored assistance call Julie 0437 095 312 Greater Geelong Finance.
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