Applying for Pre-Approval

It is a waste of time to bid or make an offer on a property without pre-approval.

When you secure your pre-approval , you know what your limits are and you can be more confident that your offer will be accepted.

Pre-approval means that a lender has agreed, in principle, to lend you an amount of money for a purchase, subject to certain conditions.

Pre-approval is not a full or final approval but it means that you can focus your property hunting on the properties that you can afford and that you can have a maximum bid in mind for auctions.

Be careful not to get too many pre-approvals in a short period as it can potentially harm your ability to borrow.

Pre-approvals are visible on your credit file as a loan enquiry and several of them in quick succession, can give the wrong impression to lenders.

The following factors can affect whether a loan that has been pre-approved, can be denied for final approval:

·       Failure to meet pre-approval conditions

·       Changes to personal circumstances

·       Changes to government regulations

·         A negative valuation of the property

·        A change in the property’s condition


Are you looking for Pre-Approval?

Contact us @ propertyloans@realrenta.com


Marlene Liontis
Sunday, 9 February 2020

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