Pre-approval
Talk to us at Finch Mortgages today and find out how easy it is to secure your loan pre-approval.
Pre-approval is just what it sounds like
An assessment from a lender confirming they’re prepared to offer a loan up to a set amount. This documentation shows you’re ready to buy within your budget, making negotiations easier and speeding up the sale process. The assessment reviews your ability to repay, factoring in income, living costs, and other financial commitments. Pre-approvals usually last for three months and can be renewed. Contact us today to learn how to get started.
Key Features
- Indicative Offer: Pre-approval gives you an estimate of how much you can borrow based on the financial details you share with the lender.
- Confidence in Your Search: Having pre-approval means you can look for properties knowing your budget, make stronger offers, and stand out as a serious buyer.
- Time-Saving: Because some checks are already completed, pre-approval can speed up the formal loan process once you find the right property.
- Validity Period: Most pre-approvals last between 3 and 6 months, giving you a clear window to secure a property within your price range.
Considerations
- Conditional: Pre-approval isn’t final approval. It usually depends on conditions like property valuation and verification of your financial details.
- Credit Checks: The process often includes a credit check, which can affect your score—especially if you apply multiple times in a short period.
- Changes in Circumstances: Any changes to your finances or lender criteria can impact final approval, so maintaining stability is important.
- Market Changes: Interest rates and lending policies can shift, which may affect your borrowing power or loan terms.
Role of an Adviser
Helping Navigate the Journey
Buying or building a home can feel overwhelming, but we’re here to make it simple. Our tailored service supports you every step of the way:
- Market Insights: We keep you informed about the latest loan options from a wide range of lenders, so you know what’s available.
- Personalised Approach: By understanding your goals and financial situation, we match you with loan solutions that fit your needs.
- Application Support: We guide you through preparing and submitting your application, ensuring all documents meet lender requirements.
- Clear Communication: Acting as your point of contact, we handle negotiations and correspondence to keep the process smooth.
- Ongoing Assistance: From pre-approval through to settlement, we’re here to answer questions and provide support throughout your journey.
Ready to take the next step?
Contact us today and start your finance journey with confidence.
