What is loan home loan pre-approval?
📝 A pre-approval, conditional approval or approval-in-principle are all terms used by different Lenders to describe the same thing. A loan pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn’t proceeded to a full or final approval. It allows you to know your maximum available funds so you can narrow your search, negotiate with more certainty, and bid with more confidence if you’re going to auction.
📝 A pre-approval is a valuable step in getting you closer to your new family home or investment property. It’s not a requirement in the home buying process, but it can make life easier and the process of gaining finance quicker.
How long does a home loan pre-approval last for?
👉 A home loan pre-approval lasts for 3 month.
Can a home loan pre-approval last for longer than 3 months?
👉 Yes, you can extend your pre-approval in some instances but no longer than a further 3 months.
❓ 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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