Expand Your Options With Home Loan Pre-Approval
If you started shopping for a new home, chances are you have decided on an approximate location, size of property and rough estimate of what you can spend.
However, it will be difficult to carry out an effective search without knowing your exact financial capabilities.
This is why it is advisable to seek home loan pre-approval prior to any serious real estate searching.
Gathering your financial history and speaking to a lender will help you to determine your borrowing capacity and estimate your future payments.
And once you are armed with this knowledge, it will become much easier to find a suitable home and negotiate for favorable purchase terms.
It will also allow you to bid at auction with the confidence of loan pre-approval behind you.
However, it is important to secure formal written loan pre-approval to ensure that what you have is a legitimate assessment that will be honored.
The process is free and the approval is valid for up to three months.
If you would like to learn more about home loan pre-approval options, it is best to speak to a mortgage broker.Tags: borrowing capacity, mortgage broker