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
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 @ email@example.com
Sunday, 9 February 2020